HMRC announced the Tax Health Plan (THP) in January for medical professionals to come forward, before the 31st March 2010 deadline, to qualify for a fixed penalty of 10% on unpaid taxes.
If you want to make a voluntary disclosure to HMRC, regardless of whether you are a medical professional or not, then call KinsellaTax on 0800 471 4546 today.
The penalties for unpaid tax can normally be up to 100% of the tax liability due. See our article regarding 200% tax penalties from April 2011.
HMRC have recently launched a drive against particular groups of professionals and medical professionals are merely the latest targets. HMRC are offering the 10% fixed penalty as an opportunity to make savings on the amounts owed and to avoid the risk of a difficult and expensive investigation.
This, according to HMRC, is highly likely as they have gained information on a large number of medical professionals.
The THP targets all doctors and consultants who are registered with the General Medical Council in addition to dentists and entities such as companies or trusts with a UK tax liability that receive income on behalf of a medical professional.
All those eligible to take part in the THP have been asked to make HMRC aware of their intention to disclose information by the end of March and must pay their tax liabilities, including penalties and interest, by 30th June 2010.
KinsellaTax are here to help if you haven’t declared all of your income or if HMRC suspect you of failing to do so. Call us on 0800 471 4546 to see how we can help.
HMRC is acting on information received from NHS trusts, private hospitals and medical insurers in relation to gross payments made to doctors, consultants and dentists.
An HMRC investigation as a result of this information could lead to higher penalties, publication of the taxpayer’s name as a tax defaulter and even prosecution.
If you have undeclared income to declare then KinsellaTax can help you.
You must hurry though as TIME IS RUNNING OUT.
If you are a doctor, dentist or consultant and have received a letter from HMRC or want to declare additional income, call us today on 0800 471 4546.
Don’t wait for HMRC to contact you.