Get free updates - subscribe to our monthly newsletter Subscribe
In 2010 HM Revenue & Customs decided they would run regular campaigns focusing on specific sectors of UK business one sector at a time. The campaigns allow an amnesty period ranging from six weeks to six months for individuals within that sector to come forward and voluntarily disclose any unpaid tax in return for favourable payment and penalty terms.
The table below shows the most recent figures available which demonstrate how effective these campaigns have been since their inception back in 2010:
|Campaign||Revenue as of 31 July 2013|
|VAT Initiative Campaign||£19,843,000|
|VAT Outstanding Returns||£70,000|
|Tax Return Initiative||£80,214,000|
|Tax Health Plan||£53,697,000|
|Tax Catch Up Plan||£1,248,000|
|Plumbers Tax Safe Plan||£9,603,000|
|Electricians Tax Safe Plan||£1,285,000|
|Property Sales Campaign||£TBA|
|My Tax Return Catch Up||£TBA|
|Offshore Disclosure Facility||£508,590,000|
|Offshore New Disclosure Opportunity||£124,300,000|
On 7 October 2013 the newest campaign was launched focusing on health and wellbeing professionals. It is likely that the reason this sector was chosen is because more than £53million was collected when the health profession was chosen as one of the first campaigns. Whilst this new campaign is not targeting the same health professions as the first time round, it is likely it will again prove to be a lucrative move by them.
If you operate within the physical therapy, alternative medicine/therapy or other therapy sectors and are not confident your tax affairs are up to date and accurate, now is the time to act. The new campaign closes on 31 December 2013 after which HM Revenue & Customs will look closely at the affairs of people in these areas early in the new year and subsequently raise enquiries into individuals where they believe the tax affairs are not correct. Whilst voluntary disclosure will not reduce the tax you owe, it will help significantly with the penalties which will be levied against you. For voluntary disclosure your penalties are capped at 20% of the outstanding tax. If HM Revenue & Customs find errors and approach you, the penalties can be 100% of the outstanding tax.
At Armstrong Watson we have a wealth of knowledge on all areas of taxation and the sectors which regularly come under the HM Revenue & Customs spotlight. Should you have any doubts in relation to your tax affairs please do not hesitate to contact us so we can help make sure you do not fall foul of these ever increasing campaigns.
Steven Metcalf, Business Services Manager
If you like this article and would like our FREE updates sent straight to your inbox then subscribe to our monthly newsletterSubscribe
All content © 2015 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.
Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.
Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.
Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.
Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.