Health professionals deadline
The Health and Wellbeing Tax Plan offered physiotherapists, occupational therapists, chiropractors, osteopaths, chiropodists and podiatrists an opportunity to regularise their tax affairs. The scheme covered any tax owed, for whateverreason.
The campaign was not aimed at doctors and dentists, who were previously targeted by a separate HMRC campaign, nor at nurses or social workers. However, homeopaths, dieticians, nutritional therapists, reflexologists, acupuncturists, psychologists, and speech, language and art therapists and other similar fields were covered by the plan.
The Wellbeing Tax Plan offered an opportunity for relevant professionals to disclose undeclared income and bring their tax affairs up to date. The deadline for notifying HMRC of an intention to take part in the disclosure opportunity expired on 31 December 2013. An actual disclosure along with an arrangement to make payment of all tax, interest and penalties due must be made by 6 April 2014.
Making a disclosure can significantly reduce the amount of penalties due and should avoid the possibility of criminal investigations taking place. Most disclosures under the plan will be subject to a penalty rate of 10% with a maximum rate of 20%. Health and wellbeing professionals who currently have undisclosed taxable income are advised to strongly consider the benefits of making a disclosure under the plan.
HMRC will begin investigating those who have failed to come forward after the 6 April 2014 deadline and anyone found to have undisclosed liabilities can face substantial penalties and possible criminal prosecution. HMRC has confirmed that they ‘will be following up with a programme of compliance interventions and will continue to use sophisticated software to look more closely at those who have not come forward voluntarily, and could contact people at any time’.