Tax
Medical tax amnesty |
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| Tax | |
| Written by Paul Williams | |
| Wednesday, 17 March 2010 | |
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The taxman knows where the skeletons are.
PKF Accountants & business advisers is warning that the doctors and consultants receiving a letter from HM Revenue & Customs (HMRC) about the Tax Health Plan – its amnesty for medics – should act fast. “The reason is pretty obvious, HMRC is only writing to those doctors and consultants that it suspects have not declared all their income – and it probably has the evidence to prove it.” HMRC has the power to request tax related information from third parties in bulk. To support the Tax Health Plan (THP), it has already obtained a large amount of information from the NHS and insurance companies on payments made to individual doctors and consultants. John Cassidy says: “Armed with this information, HMRC could launch tax enquiries and carry out other enforcement activities against individuals who do not cooperate. So if you receive a letter from the taxman about the THP, you can pretty much guarantee you will be investigated if you do not use this amnesty to come clean on unreported medical income.” Doctors, consultants and dentists have until 31 March 2010 to notify HMRC that they wish to use the THP amnesty. Those using it will need to submit a completed disclosure pack and a full payment to settle their arrears by 30 June 2010. John Cassidy adds, “The chance to put your taxes right and suffer only a fixed 10% penalty is a pretty good offer – especially when it is clear HMRC has good reason to suspect something was wrong with your past returns. My advice would be to come clean now. If you miss this chance it could cost you dearly – penalties will be much higher from any follow-up investigation launched by the Revenue.”
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