Plumbers Tax Safe Plan (PTSP)

HMRC have introduced a tax disclosure scheme for plumbers who may not have disclosed all their income details for tax purposes in the past and would now like to draw a line beneath the matter. Trades that are covered under the 'Plumbers Tax Safe Plan' include:

• Plumbing
• Heating or Gas Installation

This includes people who install or repair fixtures/pipes for water, drainage or gas systems. The 'PTSP' is for people who may have not paid the right amount of tax in the past, or did not disclose their self employment to HMRC. It allows people coming under this definition to settle their affairs and pay a lower penalty than may be the case otherwise. Any payments due may also be spread under a payment plan using this scheme, depending upon the taxpayer's circumstances. People who would like to make a disclosure need to get in touch with HMRC by 31 May 2011 and get the process started. They then have until 31 August 2011 to make their disclosure and pay or arrange to pay what they owe. Read more about the scheme by clicking here.