Doctors Tax Amnesty
Ken Rewrite
Didn't take advantage of HMRC's medical tax amnesty?
In January 2010, HMRC announced the launch of a new tax investigation tax amnesty aimed at medical professionals known as the Tax Health Plan.
The medical tax amnesty, aimed at any medical professional who is a member of the General Medical Council, was initiated due to HMRC's concern that.
"Some medical professionals may be understating the amount of earnings upon which UK tax and duties is due."
Under the terms of the Tax Health Plan medical professionals had until 31 March 2010 to notify HMRC of their intention to make a voluntary disclosure to HMRC and until 30 June 2010 to submit their voluntary disclosures and pay any outstanding tax along with interest and a reduced fixed tax penalty of 10%.
Although the Tax Health Plan deadline was extended to 1st September 2010, time is officially now up!
The time has now come for HMRC to open a tax investigation into medical professionals they believe have understated their income and did not come forward in the medical tax investigation amnesty aimed at them.
HMRC claim to have tax investigation information regarding earnings from various sources including NHS trusts, private hospitals and medical insurers.
If you are a medical professional who did not take advantage of the Tax Health Plan and are now panicking that it is only a matter of time before that dreaded tax investigation letter lands on your front doorstep.
The time to take action is NOW.
If HMRC find out that you have failed to take advantage of the Tax Health Plan and declare additional income you could be subject to a tax investigation and a maximum HMRC tax penalty of 200%, which is unlikely to be less than 30%.
However, our tax investigation expert spends his days fighting for fair and reasonable tax investigation penalties for all of our clients.
We will battle with HMRC on your behalf during a tax investigation to ensure you are treated fairly.
If you didn't take advantage of the Tax Health Plan and have received a letter from HMRC informing you of their intentions to open a tax investigation into your tax affairs then don't bury your head in the sand any longer.
One simple phone call to us is all it takes to put your mind at ease. Our dedicated and non-judgemental tax specialist is here for you 24 hours a day to take the stress and worry off your shoulders.
If you didn't take advantage of HMRC's Tax Health Plan then get professional help from us TODAY.