Tax disclosures countdown

Following HMRC’s announcement in January of the Tax Health Plan, dentists are being urged to come forward before March 31, 2010, deadline in order to qualify for a fixed penalty of 10 per cent on unpaid duties.

As part of a drive to claim back unpaid taxes through a number of targeted campaigns, the Revenue is now offering medical professionals the opportunity to make savings on the amounts owed and, crucially, given HMRC’s own efforts in seeking information on large numbers of taxpayers, avoid the risk of a difficult and expensive investigation.

The THP is targeting doctors and consultants who are registered with the General Medical Council, together with dentists and entities such as companies or trusts with a UK tax liability that receive income on behalf of a medical professional. All are being asked to make HMRC aware of their intentions to disclose by the end of March, before full payment of all liabilities is then required by June 30, 2010.  The 10 per cent fixed penalty being offered as a reward for this disclosure is significantly lower than the likely 30 per cent – 100 per cent (of the unpaid tax) - that could be charged should HMRC start its own tax investigation.