The latest campaign from HMRC, the Health and Wellbeing Tax Plan, launched on 7 October 2013 and will run until 6 April 2014.
The Health and Wellbeing Tax Plan is a new campaign for tax defaulters, aimed at those who work in the health and wellbeing sector, including alternative medicine or therapy. It and is designed to encourage voluntary disclosure of income or gains that have not yet been declared to HMRC, allowing health and wellbeing professionals to bring their tax affairs up to date.
What is the Health and Wellbeing Tax Plan?
The Health and Wellbeing campaign offers the best available terms to all health professionals who choose to disclose any undeclared income through ‘voluntary disclosure’.
All affected health professionals can come forward and settle their outstanding obligations with minimal penalties, before the deadline.
It is expected that in most cases, the HMRC will require disclosure going back no more than six years. The time period under review will depend on the individual taxpayers’ behaviour and whether any returns have been issued for the years in question.
Who can take part?
This campaign is aimed at individuals who work in health and wellbeing professions, namely:
- Physical theraphy, including physiotherapists, chiropractors, chiropodists, osteopaths and occupational therapists
- Alternative therapy, including homeopaths, acupuncturists, nutritional therapists, reflexologists and nutritionists
- Other therapy professionals, including psychologists, speech therapists and arts therapists
Certain individuals are not eligible for disclosure under the new Tax Plan, namely:
- any taxpayers who are already involved in an enquiry or compliance check, launched prior to 7 October 2013; and
- any taxpayers who were eligible for a previous HMRC disclosure opportunity, but failed to use it at that time.
What are the deadlines?
The Health and Wellbeing Tax Plan will run from 7 October 2013 to 6 April 2014.
There are two important deadlines to note:
- You have until 31 December 2013 to notify the HMRC that you wish to take part in the campaign. You can do this by completing a form online, by post or by contacting the HMRC by telephone.
- You then have until 6 April 2014 to disclose and pay any outstanding tax owed, plus interest and penalties.
After this deadline, the HMRC will be following up with the individuals identified as having outstanding taxes due and you could face significant penalties.
For more information, as well as a guide to making a disclosure, please visit the GOV.UK website.
Alternately, we can assist you and manage the disclosure and correspondence directly with the HMRC on your behalf.
For further details and advice on how to manage any outstanding returns, please contact us on 020 8780 2349 and take advantage of the Health and Wellbeing Tax Plan.
This blog is a general summary. It should not replace professional advice tailored to your specific circumstances.