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Tax Health Plan (THP) PDF Print E-mail
Sunday, 10 January 2010 00:00

The Taxman has just launched what he calls "Tax Health Plan" to give medical professionals with undisclosed tax liabilities to come forward and settle their affairs.

 

Those who contact HMRC by 31 March 2010 to make a full and accurate disclosure of any income on which tax hasn’t been paid, and settle their liabilities by 30 June can expect a reduced penalty of 10 per cent.

 

After that date, using information it holds about how much is paid to them, HMRC will carry out targeted investigations aimed at medical professionals who have not come forward. Substantial penalties or even criminal prosecution could follow for those who have undeclared tax liabilities.

 

Insurance companies often pay commissions to hospital consultants who recommend health insurance to their clients. Those who receive such commissions, however small are required to report any commissions they receive on their tax returns, but sometimes they forget to do this.

 

Another source of income which doctors receive but may forget to declare is the so called "ash cash" for signing as second doctor on a cremation certificate. The amount involved is very small, but nevertheless it needs to be declared on the tax return and tax paid on it.

 

The Health Plan will operate in two stages:


From 11 January to 31 March 2010, medical professionals can register their intention to make a voluntary disclosure with HMRC.


By 30 June, those who have registered must have made their disclosure as well as arrangements to pay all tax interest and penalties due.

What do you have to do to notify your intention to make a disclosure?

A dedicated team will be on hand to help.

 

The benefits of the Tax Health Plan are that you can avoid the possibility of:

  • a penalty of up to 100 per cent of the tax due,
  • an investigation resulting in criminal prosecution.
 
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