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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.

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  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  We have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    GP Partner
    GP Practice, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We changed to BW Medical Accountants and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    GP Partner

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