Time for a check-up?
Another day, another HMRC disclosure opportunity, this time for taxpayers working in the field of health or wellbeing, including:
- Physical therapy - eg physiotherapist, chiropractor, chiropodist, osteopath, occupational therapist;
- Alternative medicine or therapy - eg homeopathy, acupuncture, nutritional therapy, reflexology, nutrition; and
- Other therapy - eg psychology, speech therapy, arts therapy.
If you are a health or wellbeing professional with undeclared income then you would be advised to make a disclosure under HMRC's Health and Wellbeing Tax Plan. Under normal circumstances, HMRC can look back 20 years, demanding the tax due plus a penalty equal to up to 100% of the lost tax. However, make a disclosure under the Plan and HMRC may restrict their enquiries to the last 4 years and set the penalty at 0%. Other benefits include: the option of paying the tax due in installments; and avoiding having your name appear in a list of deliberate defaulters.
If you want to make a disclosure under the Plan you need to notify HMRC by 31 December 2013. Full disclosure and payment will then be required by 6 April 2014.