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TAX AMNESTY FOR MEDICAL PROFESSIONALS
HMRC announced on 11 January 2010 a disclosure opportunity for all Medical Practitioners and Dentists to come forward and tell them about sources of income that they have previously received and not declared to the tax authorities.
If they make a full confession of past unpaid tax then the penalty will be just 10% of the unpaid money.
Medical Practitioners, including dentists who want to take advantage of the offer have to contact the Revenue by 31 March 2010.
They must then pay past tax, interest and penalties by 30 June 2010.
This scheme will be known as the Tax Health Plan (THP) and follows on from previous HMRC efforts to uncover taxable income that has been hidden by UK Taxpayers in offshore bank accounts.
In the case of Medical Practitioners, the HMRC is looking for taxable income regardless of where it has been hidden.
Anyone who does not come forward, but who is subsequently investigated and found to have been avoiding tax, may be fined up to 100% of their unpaid tax, with a minimum penalty of at least 30%.
The THP is likely to be the first in a number of targeted efforts amongst professionals with initiatives against Solicitors, Barristers and Accountants likely to follow in due course.
If you wish to discuss the possibility of making a disclosure under the THP then please contact Mark Hook on 0116 282 7000 or by email: mark@rowleys.biz for further information.