Final disclosure opportunity – Medical Professionals
HMRC have issued a reminder that the deadline for medical professionals to notify an intention to disclose under the Tax Health Plan must be made by31 March 2010. The Tax Health Plan is aimed exclusively at health professionals and offers an opportunity for health professionals to disclose undeclared income and bring their tax affairs up to date. Actual disclosures along with arrangements to pay all tax, interest and penalties due must be made by 30 June 2010.
This new amnesty is the first in a series of amnesty’s which HMRC will be launching aimed recovering underpaid taxes and penalties from specific sectors and industries. The amnesty mirrors many of the features of the recent new disclosure opportunity (NDO) for taxpayers who make complete and accurate disclosures.
A reduced penalty of 10% will be levied for full disclosure by medical professionals within the stated deadlines. In certain cases the penalties could be up to 100% and in exceptional circumstances criminal investigations may take place. Medical professionals who currently have undisclosed taxable income are advised to take immediate action.