Hate Paying Tax

PTSP Deadline This Month!

Posted by admin on 12 May 2011 | 0 Comments

The deadline for disclosing undeclared income under the Plumbers Tax Safe Plan (PTSP) is the end of this month. For those who don't know here's an overview of what PTSP is. Last year, HM Revenue & Customs were offering medical professions the opportunity to disclose undeclared tax. The take up was higher than expected so HMRC are going through the trades and offering people the chance to disclose. The difference is that HMRC had details relating to the medical profession, whereas they are now 'just hoping' so to speak. The benefits of declaring under PTSP is that HMRC will have a certain amount of leniency when dealing with you. Mistakes when reasonable care has been taken there will be no penalty, however careless mistakes attract a 10% penalty of the tax due and deliberate but not concealed mistakes attract 20%. When the taxpayer has tried to conceal the extent of which the tax is due a penalty of 100% is due. As ever, we fully recommend full disclosure of all income. If you feel that you may have something to declare but are unsure, contact us for a free initial interview and consultation where we can advise you on the best way forward to keep you tax liability as low as possible. HMRC's guidance on PTSP can be found here.