Last Date for Voluntary disclosure is 31st December, 2013
JUST like the ST VCES, 2013 which ends on 31st December, 2013, there is another Voluntary Disclosure opportunity which ends on the last day of this year.
We are talking of The Health and Wellbeing Tax Plan voluntary disclosure opportunity. The Department believes that its assessees want to pay the right amount of tax and wants to help those not paying the correct amount of tax to put that right.
It covers the professionals working in the following areas to declare about all their past income, gains and undisclosed liabilities -
• 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
By using this disclosure facility these professionals must notify the department by 31 December, 2013 and then disclose and pay what they owe by 6 April, 2014.
If you notify the department of your intention to disclose, make a full disclosure and co-operate fully, there is an opportunity to minimise penalties on the basis that you have made an unprompted disclosure. Interest is payable from the date taxes are due until the date they are actually paid.
If the money that is the subject of the disclosure is the proceeds of serious organised crime for example VAT fraud, VAT bogus registration fraud, organised tax credit fraud and instances where there is wider criminality (such as an on-going police investigation) such disclosures are unlikely to be accepted under Health & Wellbeing Tax Plan.
If, after 6 April 2014, the department receives information indicating that your disclosure was incorrect, they have the right to look at your tax affairs again.
This Voluntary Scheme is in force in the United Kingdom.
May be, we can think of a similar sector specific scheme under Service Tax for the Construction Industry later.