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HMRC Announce Plans To Target Medical Professionals Who Avoid Tax Liabilities
HMRC starts campaign to target professions
| HM Revenue and Customs has unveiled its new approach to combating underpayment of tax by targeting specific professions – and starting with the medical sector. |
Medical professionals are being encouraged under a new Tax Health Plan to tell HMRC if they have understated income. Those who contact HMRC by March 31 2010 to make a voluntary disclosure will be able to put their tax affairs in order simply and on the best available terms.
After that date, using information it holds about how much is paid to them, HMRC will carry out targeted investigations aimed at medical professionals who have not come forward. Substantial penalties or even criminal prosecution could follow for those who have undeclared tax liabilities.
The Health Plan is the first initiative in a new HMRC campaign focused on professionals. It is designed to make it easy for customers to put their tax affairs right and keep them that way.
Launching the campaign, Mike Wells, HMRC’s Director of Risk and Intelligence, said: “Our aim is to make it as easy as possible for people to come forward, make a full disclosure and benefit from the certainty of a reduced 10 per cent penalty that HMRC is making available to those who qualify for this opportunity.
“From April we will be using the information at our disposal to investigate medical professionals who have not declared their full income. I therefore strongly urge any in this group who think they may have outstanding tax liabilities on their income to get in touch with HMRC and get their tax affairs in order simply and on the best available terms.
“This is the first step in enabling those with undisclosed income or gains to avoid a full tax investigation together with much higher penalties. The message is clear: contact us before we contact you.”
The Health Plan will operate in two stages:
- From January 11 to March 31 2010, medical professionals can register their intention to make a voluntary disclosure with HMRC.
- By June 30, those who have registered must have made their disclosure as well as arrangements to pay all tax interest and penalties due.
If HMRC receives a full and accurate disclosure of any income on which tax hasn’t been paid, along with payment, by 30 June, those who qualify can expect a reduced penalty of 10 per cent, thereby avoiding the possibility of a penalty of up to 100 per cent of the tax due and/or an investigation resulting in criminal prosecution.
Medical professionals are being encouraged under a new Tax Health Plan to tell HMRC if they have understated income. Those who contact HMRC by March 31 […….
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