HMRC opens further tax amnesty

HMRC has opened a new tax amnesty, called the Plumbers Tax Safe Plan (PTSP).

This will allow plumbers, gas fitters and heating engineers and similar trades to disclose previously undeclared income in return for a reduced penalty. HMRC has information from Corgi and the Gas Safe register which it will use to target those who do not use the amnesty where they believe income has been under-declared.

HMRC have previously operated a tax amnesty for the medical profession. Anyone seeking to make use of this amnesty will need to notify HMRC by 31 May 2011 that they intend to make a disclosure, and to make their disclosure and arrange to pay their outstanding tax by 31 August 2011.

Although this amnesty is ostensibly targeted at plumbers, anyone who comes forward in line with the PTSP will be able to benefit from broadly similar terms, such as reduced tax penalties and avoid the risk of prosecution. This is a good time for anyone with concerns to seek advice and get their tax affairs in order.