Sunday, 31 January 2010

Tax amnesty for doctors

HMRC has announced on 11 January 2010 the launch of the so called “Tax Health Plan”. This is a disclosure opportunity for medical professionals registered with the General Medical Council. It applies to all taxes and duties. Disclosure of income other than received as a medical professional is not part of the arrangement. Deadline for registering for THP is the 31 March 2010 and disclosure and arrangement to pay all tax and penalties by 30 June. Penalties will be 10% for those who qualify for the opportunity and no penalty will apply where the total unpaid tax/duties are less than £1,000. In addition, interest will apply; the fact that disclosure is required for the last 20 years may well result in penalties and tax eventually exceeding the unpaid tax!

HMRC has said that they have received information from NHS trusts, private hospital and medical insurers such as BUPA. HMRC has said that, from next April, it will be using the information at their disposal to investigate medical professionals who have not declared their full income. Taxpayers who do not disclose may face penalties between 20% and 100% of tax evaded.

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