Tax Health Plan (THP)

The HM Revenue & Customs is offering a disclosure opportunity for medical professionals known as Tax Health Plan (THP).
Under the plan, medical professionals have until 31 March 2010 to notify the HMRC that they will be making a disclosure of any undeclared tax bills.
After which the full disclosure and payment of all outstanding taxes and duties, interest and penalties must be made by 30 June 2010.
Under the Tax Health Plan, the HMRC are offering a reduced penalty rate of 10% but no penalty where the total of unpaid tax is less £1000.
After 31 March 2010, the HMRC have stated that they will be undertaking a data matching exercise using information from payments from NHS trusts, private hospitals and medical insurers.
If the choice is made not to disclose and HMRC discover any undeclared tax bills, they will seek to apply penalties of 30% to 100% of the unpaid tax bill.
If you wish to take advantage of the THP, Taxfile‘s tax agents may be able to assist you in entering the THP and preparing your disclosure. Pop in to see us or call us on 020 8761 8000 to book an appointment.