Member Article

Health and well-being professionals advised to act now on tax

A Tees Valley firm of accountants and business advisers are urging those in the health and wellbeing sector, who have undeclared income or gains, to take full advantage of the latest Her Majesty’s Revenue and Customs (HMRC) voluntary disclosure campaign.

In the wake of HMRC’s Health and Wellbeing Tax Plan, which is aimed to encourage people to meet their tax obligations by a set deadline, Waltons Clark Whitehill, is urging people to come forward rather than face tough consequences.

Professionals in the health and wellbeing sector ranging from physiotherapists and chiropractors to psychologists are among those that are being monitored by HMRC in the campaign.

The government has issued a deadline of 31 December 2013 to notify them of intention to use the opportunity, with a final deadline of 6 April 2014 to make the disclosure and pay any outstanding tax plus interest and penalties. The campaign uses third party information to identify those who have yet to declare such income and gains.

George Hardey, tax expert at Waltons Clark Whitehill, believes that it is in the best interests of those who may fall into this bracket to take advantage of HMRC’s amnesty.

George said: “This is the latest in a series of successful campaigns by HMRC that is aimed at collecting any unpaid taxes. HMRC has access to digital systems and third party information, which quickly identifies those at risk, so it would be wise to come forward now, as opposed to facing the damaging consequences later.

“The Health and Wellbeing Tax Plan is the latest campaign that gives people the opportunity to get their tax affairs in order, otherwise this will just add further fines onto the money already owed, with the worst case scenario being a criminal conviction, which will only have an adverse effect on business.”

HMRC recently launched the Let Property Campaign, which is also aimed at collecting unpaid tax, but from those who are letting properties and not paying the correct tax. Since 2007, HMRC campaigns have collected more than £770m in tax.

George added: “With many people across the country working in the health and wellbeing sector, the campaign will certainly affect many people. HMRC has outlined its deadlines clearly and have succeeded with their campaigns in the past, so it would be wise to voluntarily pay what is owed now rather than later.”

This was posted in Bdaily's Members' News section by George Hardey .