The Tax Health Plan (THP)
HMRC have obtained information from various sources, including NHS trusts, private hospitals and medical insurers and are introducing the THP as an opportunity for medical professionals with tax to pay to get their affairs up to date with the benefit of a fixed penalty.
Taxpayers must notify HMRC of the intention to make a disclosure by 31 March 2010 and must make a full disclosure of all undeclared liabilities and full payment of all outstanding taxes and duties, interest and penalties by 30 June 2010.
The penalty is fixed at 10% of the taxes/duties underpaid unless the total amount of unpaid liability being disclosed is less than £1,000, in which case there is no penalty.
HMRC will pursue those with undeclared tax liabilities who decide not to make a disclosure.
The THP is initially open to members of the General Medical Council but is expected to be extended to other health professionals including dentists.
If you have any concerns in this area please do get in touch.
Internet link: HMRC guidance on THP
To find out more about how we can help you, please contact Simon Coles & Co, London Chartered Accountants.
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