19.02.2010

HMRC issue notices of coding and launch disclosure scheme for the medical  profession, plus there are still tax opportunities for furnished letting. 

Notices of Coding
The tax authority is in the process of issuing around 25 million notices of coding in the period January to March. The extra notices are due to the implementation of a new computer system which is matching data for each individual who has a job. This may result in a number of extra notices being issued, and some may relate to past employments. HMRC has issued guidance with the codes on their website, but if you are worried about your code, we can check it for you.

Tax Health Plan
Health professionals who need to get their tax affairs up to date are being encouraged to come forward and make a disclosure to HMRC in the next two months. A special scheme has been launched, in association with the professional bodies, to encourage doctors, dentists and other health professionals to resolve any outstanding tax issues in relation to undeclared income before the tax authority begins a focussed compliance initiative. You may need advice on the implications of any disclosure you make – we can help.

Furnished Holiday Letting?
The withdrawal of the beneficial tax status of Furnished Holiday Lettings after 5 April 2010 was announced in the 2010 Budget. However, it was not until very late in 2009 that the transitional rules were provided by HMRC, and these highlight key tax planning steps you may wish to consider. These could save significant sums in tax over the next few years, and all owners of holiday lets should at least consider the issues. Contact us for more details.

Contact: Tax Team