Account Wryte Ltd

Plumbers Tax Safe Plan (PTSP)

The plumbers tax safe plan has been introduced by HMRC on 1 March 2011. This plan gives the opportunity for all plumbers who have not in the past told HMRC about all of their income or they have not paid enough tax, due to estimated tax returns. This plan is also in place if you have not registered with HMRC as working for yourself. If this applies to you then this plan will help you get back on track with your taxes.

HMRC’s want to help people in this situation get things right going forward. If this plan is not taken advantage of, then HMRC will follow up those who choose not to comply with serious consequences.

How are HMRC going to help people in this situation?

HMRC have proposed that people who take advantage of this plan will pay a reduced penalty. If you cannot afford to pay what is due to HMRC then you may be able to set up a payment plan.     

How to notify HMRC that you want to take advantage of the PTSP

·         First you must tell HMRC that you wish to take part in the PTSP. The deadline for this is 31 May 2011.

·         You will then have to disclose why you are taking part by sending in a notification form.

The notification form can be completed online, by hand and posted to HMRC or you can telephone HMRC. You will then receive a DRN number (Disclosure Reference Number) you must quote this number on all correspondence. 

The deadline for your disclosure to reach HMRC is 31 August 2011. 

If you are not a plumber you can still take advantage of the PTSP plan

HMRC have stated anyone can take advantage of this plan. You will need to go through the same process stating on the forms that you are not a plumber.

People who voluntarily notify HMRC and put their taxes right can expect reduced penalties. If you do not come forward and HMRC find out later that you owe tax you can expect the penalties to be much higher.

There is much to HMRC’s legislation and it is advisable you seek the advice of a qualified appropriate accountant. 

If you need help with your disclosure or you are unsure if you can apply please contact:   Dawn Johnson FMAAT (see advert below)