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.

About Green & Co

Recently awarded Independent Firm Of The Year, Wales at the British Accountancy Awards 2014, we are a forward thinking and dynamic accountancy firm that play a fundamental role in enabling clients to achieve their business goals through the provision of effective, innovative and unique services. We are not your typical accountant, as we are proactive in helping our clients to grow their businesses in the way they want. We support our clients with our knowledge of taxation, our commercial acumen and the catalytic business opportunities we create, making Green & Co the power behind your business. In particular, we focus on: - Defining your future - We are experts at supporting our clients in setting achievable, worthwhile business goals. Our business planning tools enable us to help our clients create their future success. - Minimising tax - Our knowledge of taxation is second to none, and we save our clients £1,848 in tax for every £1,000 in fees. - Creating business opportunities - We don’t just manage your taxation, we aim to stimulate growth in your business, using our business acumen and connections to help you take your business to the next level. - The quality of our service - Our highly trained and friendly team stay on top of the ever changing rules and regulations, and we are always on hand to give you advice and support. We are committed to providing a proactive, efficient and friendly service to all our clients, and we lay out our commitment to you in our Client Care Charter. Everyone receives the same high level of director attention, professionalism and dedication. We have been helping clients to grow their businesses for over 20 years, so please contact us to arrange a free consultation to discuss the future of your business.
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