The latest Tax Disclosure Campaign announced by HMRC today is aimed at professionals in the “health and wellbeing” sectors: who have taxable income that they have not told HM Revenue and Customs about.
The Health and Wellbeing Tax Plan offers health professionals a window to bring their tax affairs up to date on favourable terms. The Campaign covers acupuncturists; chiropodists; chiropractors; dieticians; homeopaths; nutritional therapists; occupational therapists; osteopaths; physiotherapists; podiatrists; psychologists; reflexologists; as well as art; language; and speech therapists – etc.
There are 3 stages to the Health & Wellbeing Tax Plan:
- Notify. Participants must make an initial notification of their intention to make a disclosure, to HMRC by 31 December 2013.
- Disclose. They must then make a full disclosure any tax irregularities (i.e. any under-reported income, gains, tax or duties); by 6 April 2014.
- Pay. Fully pay the arrears, also by 6 April 2014.
HMRC is using its legal information powers to get data from various sources about payments made to the health and wellbeing professionals. HMRC also uses award-winning computer technology to identify people who haven’t paid the right amount of tax. The HMRC Campaigns Head said: “After the opportunity closes on 6 April, HMRC will use information it holds from third parties and regulatory bodies to identify people who have not paid what they owe. Penalties – or even criminal prosecution – could follow.”
HM R&C also promise participants: That “You will earn the maximum reduction of any relevant penalties for the quality of disclosure, and HMRC won’t publish your details if you do all of the following:
- notify HMRC that you are going to make a disclosure before the deadline;
- make a full disclosure of tax owed which proves to be both accurate and complete;
- co-operate fully with HMRC if they ask you for any further information.
HMRC may include you in a list of deliberate defaulters if you don’t follow these steps.”
HM R&C tax disclosure Campaigns have so far raised £552m from voluntary disclosures, and over £224m from 64,000 follow-up tax enquiries. HM R&C campaigns have targeted offshore investments; doctors; dentists, plumbers; VAT defaulters; coaches and tutors; electricians; online traders; and higher rate taxpayers with outstanding tax returns. Seven people have been prosecuted and convicted: receiving prison sentences of up to two years each. Between them they have also had to pay over £550,000 under confiscation orders.
How can Lynam Tax Enquiry Specialists help me?
If you are undergoing a tax investigation or a compliance check then specialist help from Lynam Tax Enquiry Experts could save your blushes and your business. Plus, our massive experience will almost certainly save you tax and penalties as well.
*For a free, confidential chat about your tax affairs, don’t delay, call Paul Lynam now on 0845 643 9997
or Andrew Nutbrown on 07718 778710