January 13th 2010 2:58 am
A new year and the start of a new campaign the “Tax Health Plan” from HM Revenue and Customs to collect tax, from up to 2 ...
A new year and the start of a new campaign the “Tax Health Plan” from HM Revenue and Customs to collect tax, from up to 20 previous years, from medical professionals who have been under declaring or not declaring tax from private fee, second employments and any other sources.
A period of grace is offered to 31 March 2010 for any professional believing that they have not declared all their income to come forward to HMRC and notify of this voluntarily. The consequence of this is a reduced penalty of 10%. For medics who fail to notify by the 31 March 2010, the penalties will be increased from 20% up to 100% of the tax loss.
For those choosing to ignore this, the warning from HMRC is that they will carry out targeted investigations and higher penalties and even criminal prosecution could follow. There is also threat of naming and shaming taxpayers who owe more than £25,000 of under declared tax.
This is a stern message from HMRC but for medical professionals juggling many balls in the air, this is another stress on their time.
TaxPenny are here to help if you are affected.
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