HMRC Disclosure for Medical Professionals
Published / Last Updated on 12/01/2010
HMRC Disclosure for Medical Professionals
by Ashley Clark, Director
HM Revenue and Customs (HMRC) have announced a new disclosure facility aimed at medical professionals with undeclared income for the past 20 years. The new arrangement, known as the Tax Health Plan (THP) gives the opportunity to bring tax affairs up to date by paying tax on any undeclared income, along with interest and a fixed penalty of 10%.
Those using the THP need to notify HMRC of their intention to make a disclosure by 31 March 2010.
The full disclosure, along with payment of the tax, interest and penalty is required by 30 June 2010.
HMRC has stated that from April 2010, it will use the information that it holds to identify those taxpayers who it believes have not paid the correct amount of tax and who have not registered under the THP.
These taxpayers can expect penalties, in most cases, of between 30% and 100% of the unpaid tax.
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