Cash Clinic: Tax amnesty scheme is not just for plumbers
A: THE plumbers tax safe plan (PTSP) is open to anyone who has not fully disclosed their income in the past. Those who want to use the PTSP to come clean on past tax arrears must register for the scheme by 31 May and will need to pay any back taxes plus interest and penalties by 31 August.
Penalties will depend on an individual's circumstance - such as whether they underpaid tax because of careless mistakes with tax returns or forgot to tell HMRC they started up in business, or if they deliberately understated income or did not tell HMRC they started trading.
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Hide Ad• Neil Whyte is a tax partner with accountants and business advisers PKF
If you have a question, write to Jeff Salway, The Scotsman, 108 Holyrood Road, Edinburgh EH8 8AS or e-mail: [email protected]. This above is for general purposes only and must not be treated as a substitute for specific advice. The Scotsman Publications Ltd accepts no liability on the basis of this article.