A new “Tax Health Plan” has been launched by HMRC, aimed at medical professionals.  The plan applied to individuals including doctors, hospital consultants and cosmetic surgeons registered with the General Medical Council and enables them to “come clean” on any previously undisclosed income whilst being able to benefit from a reduced penalty of only 10%.

The disclosure window closes on 31 March 2010 and any taxpayers who have not come forward by then but are found to have unpaid tax liabilities may face penalties of at least 20%, rising to 100%.

Whilst HMRC often target their compliance work as specific sectors, to do so in the form of a tax amnesty is without precedent.

Disclosures must be completed on a prescribed set of forms and payment made to HMRC by 30 June 2010 if you are considering making a disclosure under this “Tax Health Plan”, please contact AG Tax Consulting before doing so.

Posted on 25 Jan 2010