Tax Health Plan
Tax Health Plan
Medical professionals are being encouraged under a new Tax Health Plan to tell HM Revenue & Customs (HMRC) if they have understated income.
Those who contact HMRC by 31 March 2010 to make a voluntary disclosure will be able to put their tax affairs in order simply and on the best available terms.
After that date, using information it holds about how much is paid to them, HMRC will carry out targeted investigations aimed at medical professionals who have not come forward. Substantial penalties or even criminal prosecution could follow for those who have undeclared tax liabilities.
The Health Plan is the first initiative in a new HMRC campaign focused on professionals. It is designed to make it easy for customers to put their tax affairs right and keep them that way.
The aim is to make it as easy as possible for people to come forward, make a full disclosure and benefit from the certainty of a reduced 10 per cent penalty that HMRC is making available to those who qualify for this opportunity.
From April HRMC will be using the information at their disposal to investigate medical professionals who have not declared their full income. Therefore it is strongly urging any in this group who think they may have outstanding tax liabilities on their income to get in touch with them and get their tax affairs in order simply and on the best available terms.
The Health Plan will operate in two stages:
From 11 January to 31 March 2010, medical professionals can register their intention to make a voluntary disclosure with HMRC.
By 30 June, those who have registered must have made their disclosure as well as arrangements to pay all tax interest and penalties due.
What do you have to do to notify your intention to make a disclosure?
Ring HMRC on 0845 600 4508, or
Use the e-form available via the link on the HMRC website: http://www.hmrc.gov.uk/tax-health-plan/
The benefits of the Tax Health Plan are that you can avoid the possibility of:
a penalty of up to 100 per cent of the tax due,
an investigation resulting in criminal prosecution.