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Tax Health Plan (THP)
H M Revenue & Customs has announced the introduction of the Tax Health Plan (THP) as an opportunity for medical professionals with undisclosed income (and therefore unpaid tax) to come forward and get their affairs up to date with the benefit of a fixed penalty.
The scheme, which now also includes dentists, offers favourable penalty terms providing a full disclosure of all undeclared tax liabilities is made. The reduced penalty to be levied by HMRC is as follows:
- A fixed penalty of 10% of the taxes/duties underpaid.
- No penalty where the total of unpaid taxes or duties is less than £1,000.
There are two time-limited stages to the process:
- Notify HMRC of your intention to make a disclosure by 31st March 2010.
- Make your disclosure and pay all taxes, duties, interest and penalties by 30th June 2010.
It is anticipated that future THP's will be announced by HMRC covering different professions so visit our website again soon for full details of the latest developments.
Please contact us if you require any assistance in making a disclosure.