Attention - NEW DISCLOSURE OPPORTUNITY!!

Those taxpayers who have some undeclared income should seriously consider the latest opportunity offered by HMRC; which is to get their tax affairs organised with (typically) no questions asked and lower penalties applying, than would be the case if HMRC approached them.

Although aimed at plumbers, (“Plumbers Tax Safe Plan”), HMRC highlights that in fact it is open to anybody whatever their source of income or capital gains and whether an individual or limited company.

To take advantage of this scheme there is a requirement to notify by 31 May with the actual disclosure plus payment being made by 31 August. Penalties will normally be 0%, 10% or 20%, depending on the circumstances. This is much lower than would normally be the case, and there is the added aspect that if the taxpayer can show that the extra tax to pay arose despite him or her taking reasonable care it means that HMRC can only go back 4 years.

At Meades & Company, we will be more than happy to assist any taxpayer who has something to disclose. And of course, we will make sure they get the best deal available.

Alternatively, if you would like to make substantial savings on your tax bill regardless, please get in contact with us to arrange a consultation with a tax specialist.