Health and wellbeing professionals – do not wait until the New Year!
Many of us will overindulge as the year comes to an end, whether it be at Christmas meals with family and friends, or the office party. However, it is quite probable we will avoid doing things such as going to the gym, justifying our decision by stating that we will start afresh in the new year. Although some things can wait until January, the voluntary disclosure for health and wellbeing professionals cannot!
HMRC are giving professionals in the health and wellbeing sector an opportunity to bring their tax affairs up to date and notify HMRC of any previously undeclared income. This will allow you to start the new year with a clear conscience, and from an income tax perspective ‘a clean bill of health’.
The notification form will need to be submitted to HMRC by 31st December 2013, and you will also need to fill in a disclosure form. You will have until 6th April 2014 to pay any taxes due.
According to the HMRC website, you can report undeclared income if you work in a health and wellbeing profession such as:
- physical therapy – e.g. physiotherapist, chiropractor, chiropodist, osteopath, occupational therapist
- alternative medicine or therapy – e.g. homeopathy, acupuncture, nutritional therapy, reflexology, nutrition
- other therapy – e.g. psychology, speech therapy, arts therapy
If you have any queries please contact us.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.