HM Revenue & Customs are offering an “amnesty” to medical healthcare professionals with undisclosed tax liabilities to make a full declaration in exchange for a reduced penalty.
Since being granted sweeping new powers to obtain individuals’ personal data from a vast number of third parties, HMRC are now in a position to cross-reference a vast range of documents and records to detect discrepancies.
This new approach has already seen around 10,000 disclosures about offshore bank accounts come to light. It is now the turn of medical professionals to go under the spotlight under the “Tax Health Plan”.
Those wishing to submit a declaration have until 31 March 2010 to provide advance notification to HMRC. After this date, the Revenue will be actively pursuing any discrepancies discovered between their own data and that received from NHS trusts, private hospitals and medical insurers, with a view to raising as much cash as possible from penalties.
Individuals wishing to come forward will be expected to provide full details of any unpaid liabilities, including interest and penalties, and make an “offer to pay” to settle their account. HMRC will provide no assistance with the calculation of this information, so it is vital that medical professionals seek the help of a professional tax advisor.