HMRC Offer 'Tax Health Plan'

HM Revenue & Customs (HMRC) is offering an opportunity for medical professionals with undisclosed tax liabilities to come forward and settle their affairs.

Medical professionals who take advantage of this plan will benefit from a reduced penalty of 10% and no penalty at all for liabilities under £1,000.

Participants must notify HMRC of their intention to make a disclosure by 31st March 2010, and then have until 30th June 2010 to make a full disclosure.

HMRC has declared that they are obtaining information from various sources, including NHS trusts, private hospitals and medical insurers.

HMRC will pursue those with undeclared tax liabilities who decide not to make use of this disclosure facility and have declared that “In these cases the penalties could be up to 100 per cent of the tax due and in exceptional circumstances criminal investigation may be considered”.

AVN Venus Tax LLP can help you to make such a disclosure. We can also advise accountancy practices on risk management in this area. Please contact Paul Bradley or Ryan Sample if you require any further information.