New disclosure opportunity – Plumbing profession
HMRC have launched the ‘Plumbers Tax Safe Plan’ (PTSP) designed for people who work (or worked) in the plumbing, heating or gas installation trades including anyone who installs and repairs pipes and fixtures for water, drainage or gas systems in a building.
The PTSP is aimed exclusively at the plumbing profession and offers an opportunity for people to disclose undeclared income and bring their tax affairs up to date. As a first step, taxpayers must notify HMRC by 31 May 2011 of their intention to take part in the PTSP either online, by phone or by post. An actual disclosure along with an arrangement to make payment of all tax, interest and penalties due must be made by 31 August 2011.
This new amnesty is part of a series of amnesties aimed at recovering underpaid taxes and penalties from specific sectors and industries. The amnesty mirrors many of the features of the new disclosure opportunity (NDO) for taxpayers who make complete and accurate disclosures.
Making a disclosure using the PTSP could significantly reduce the amount of penalties due and should avoid the possibility of criminal investigations taking place. Plumbing professionals who currently have undisclosed taxable income are advised to take immediate action.