HMRC targets doctors and dentists12th January 2010
HM Revenue and Customs (HMRC) has launched a campaign called the Tax Health Plan (THP) to get doctors and dentists to pay their tax.
The HMRC has said that if they make a 'full confession' of any unpaid taxes they will only have to pay 10% of the the money they owe.
Doctors and dentists must get in touch with the HMRC by 31 March 2010 and must pay the amount they owe by 30 June 2010.
A revenue spokesman said they had been gathering data about medical professionals from NHS trusts, private hospitals and medical insurance companies.
"There is a problem with a significant enough minority for us to provide this opportunity and the support that goes with it," he said."We are talking about well-paid people - higher rate taxpayers," he added.
The THP comes in the wake of attempts to find out about taxable money that has been stored offshore by UK taxpayers.
The Revenue's last campaign succeeded in finding 10,000 people who stated that they wanted to settle their taxes on money hidden abroad.
People who do not make themselves known to the HMRC, but who come under investigation later and are discovered to have avoided paying tax, could face a fine of up to 100% of their unpaid tax, with a 'minimum penalty' of 30%.
"The THP is targeting a problem that does exist. I've acted for a number of health professionals making tax disclosures of unearned income in the past," said Gary Ashford of the Chartered Institute of Taxation (CIOT).
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Thursday 4th February 2010 @ 15:50
This article has mislead a couple of my clients who are affected. The disclosure to HMRC before 31st March will limit the taxpayers penalty to 10% of the outstanding tax due. Of course, the undeclared tax will also be due by 30th June.
If you are affected I would recommend speaking to an accountant immediately to understand your position.
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Title: HMRC targets doctors and dentists
Author: Jess Laurence
Article Id: 13722
Date Added: 12th Jan 2010