The Tax Health Plan (THP)
HM Revenue & Customs have obtained information about income received by medical professionals from Health Trusts, private hospitals and medical insurers.
Investigations by HMRC have revealed that some professionals have failed to declare all their income or have made overclaims to expenses and some significant payments of tax, interest and penalties have been made by doctors.
HMRC have therefore announced an opportunity for medical professionals to make a disclosure of any tax due. Interest must be paid and HMRC will also require, in nearly all cases, a 10% penalty.
This is a good opportunity for doctors and other health professionals to sort out tax problems quickly, without a long drawn out enquiry and at a lower penalty than might otherwise be due.
It is likely that nearly all disclosures will be accepted although HMRC won’t give a categorical guarantee.
HMRC’s website gives more detail
http://www.hmrc.gov.uk/tax-health-plan/
For professional, confidential and specialist advice call Iain Macleod at EDF Tax LLP on 07920 146800, or email imacleod@edftax.co.uk or complete our enquiry form.
