| 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 |
