News
Emergency Budget Summary
On 22nd June George Osborne delivered the first budget of the coalition government – less than 3 months after the last budget. Mr Osborne stated that the budget would be “tough but fair”, and reiterated that the bulk of the measures aimed at reducing the UK’s deficit would come from spending reduction (77%). The remaining 23% is due to be raised from tax increases.
HMRC's Medical Professionals Disclosure Opportunity
HMRC have announced a disclosure opportunity for medical professionals, called the "Tax health Plan" (THP). The scheme is to encourage medical professionals to tell HMRC about any undisclosed income they may have earned.
HMRC's New Disclosure Opportunity (NDO)
HMRC have announced they are extending the time limit to register with the NDO to the 4th January. The NDO is an HMRC initiative to enable anyone with unpaid taxes linked to offshore accounts or assets to settle any outstanding tax due, with a favourable penalty rate. HMRC have stated that this will be the final opportunity for people to take advantage of favourable treatment.