The Plumbers Tax Safe Plan (PTSP) is designed for people working within the plumbing industry who have not told HM Revenue & Customs (HMRC) about all their income in the past and who now want to get back on track. It is intended to cover people who work (or worked) in the plumbing, heating or gas installation trades and this includes anyone who installs and repairs pipes and fixtures for water, drainage or gas systems in a building.
HMRC believe that their customers want to get things right, and want to help them. Many customers will have paid the right amount of tax but some will not. HMRC want to make it easy for those not paying the correct amount to put that right and seriously follow up those who choose not to.If you've not yet told HMRC that you have started working for yourself or you've not told them about all your income, you probably won't have paid the right amount of tax.
If that's the case, the PTSP is just what you need to help get your tax affairs up to date.Advantages of PTSPIf you take advantage of the PTSP you can tell HMRC about any income that you haven't previously told them about and you will pay a lower penalty.Also if you find that you can't afford to pay what you owe you may be able to spread your payments depending on your circumstances.It is likely that most people will only have to pay HMRC at most up to six tax years.It's basically a 'fresh start'.
If you decide to take advantage of PTSP, you can stop worrying about what might have happened had HMRC found out that you'd not been telling them about all of your income. It's a chance to start getting things right from now on, whilst knowing exactly how much it's going to cost to sort out things for the past.