The Tax Health Plan (THP)
January 11th 2010
HM Revenue and Customs (HMRC) have approached insurers, private medical companies and health trusts and have subsequently received information about income received by doctors and other medical professionals.
HMRC have been investigating doctors over the last two years and claim to have obtained many large payments, covering several years and including penalties.
HMRC have now announced the Tax Health Plan (THP).
This allows doctors and dentists (unless they are under investigation already) to make a disclosure of any tax problems and to pay the tax, plus a fixed 10% penalty, without an intrusive, stressful and expensive investigation. It is very likely that HMRC will accept any disclosure made, so long as it is correct and complete.
The THP opened on 11 January 2010. Users must notify HMRC by 31 March 2010 of their intention to make a disclosure. Details of the disclosure and payment must be made by 30 June 2010.
For those who don’t disclose, HMRC investigations will begin after the notification window closes on 31 March. So the timetable is tight for doctors and dentists to take advantage of what looks like a great opportunity.
For advice on the THP, a free initial consultation and help with a disclosure under the THP call Iain Macleod on 07920 146800 or e-mail imacleod@edftax.co.uk or alternatively complete our enquiry form.
Further advice can be found in our Frequently Asked Questions area.
