HM Revenue & Customs (HMRC) have just launched a new tax disclosure opportunity for plumbers, but anyone can take advantage of its favourable terms.
The Plumbers Tax Safe Plan (PTSP) provides tax-payers with the opportunity to bring any gaps in their affairs up to date by making a full disclosure and then settlement with HMRC. Under the terms of the offer, tax penalties are capped and although interest is charged on any tax paid late.
HMRC originally targeted plumbers because it holds information on the names of registered plumbers and heating engineers and so it can reconcile this to check whether individuals are registered for Self-Assessment. This tax amnesty is open to everyone though, and so this is a very good opportunity to make a disclosure which will then ensure that HMRC cannot go back and re-open previous years for reassessment.
Those individuals who have under-declared offshore income or capital gains arising from offshore assets may still be able to take advantage of HMRC’s other tax amnesty. The Liechtenstein disclosure opportunity runs until 2015.
For further details, please call…