Health and wellbeing professionals – do not wait until the New Year!

www.greenandco.com

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.

About Green & Co

Green & Co was formed in 1993 by Hugh Green FCA and the company has steadily expanded both its client base and its areas of expertise, to offer all the services you would expect from a progressive firm of chartered certified accountants. On 1 July 2007 Green & Co started trading through a limited company, GPMG Limited. There are currently two directors, backed up by eighteen team members. Our clients vary in size from the smallest sole trader to limited companies with turnovers in excess of £40 million. What does not vary is the level of commitment, professionalism and Director attention that is given to every client and every job. We work with businesses from across the country but the majority of our clients are based in South Wales. We are totally committed to high standards of service, enabling you to reap the benefits of working with one of South Wales's foremost professional accountancy firms.
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