What is the tax health plan? (thp)
You may not have heard of this new HMRC catchphrase. It is a one-off opportunity for health professionals to put their tax affairs right.
Over the last year or so, HMRC have run a number of ‘disclosure opportunities’ in respect of offshore bank accounts. These opportunities have generally allowed those with undeclared income linked to offshore accounts to disclose this income and settle any tax arrears under terms which impose a reduced penalty.
The THP is a similar offer and is aimed at those registered with the General Medical Council (GMC) and is the first initiative in an HMRC campaign focused on professionals. It offers a fixed penalty of 10% of the total taxes underpaid.
A full disclosure of all understatements of income would need to be made for potentially the last 20 years, with all associated taxes and interest remaining due.
We are members of AISMA, a network of independent firms of accountants who specialise in working for medical practitioners. If you’re a health care professional registered with the GMC and believe a disclosure under the THP may be relevant to you contact us now.
Email: peterhussey@spofforths.co.uk
Phone: 01903 828 728
Date:4 February 2010