Tax health plan for medical professionals – new initiative from HM Revenue and Customs
HM Revenue and Customs (HMRC) has introduced a Tax Health Plan (THP) for health professionals. The THP is the first initiative in a new HMRC campaign focused on professionals. It is designed to assist customers in ensuring that they keep their tax affairs in order.
The HMRC is encouraging medical professionals to tell it if they have understated income. Those who contact the HMRC by 31 March 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 by health professionals, 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.
Further information is on the HMRC website. There is also a frequently asked questions document that you may find useful.
Londonwide Enterprise Ltd (LEL) is running a workshop on the afternoon of Wednesday 24 February 2010 to help you to prepare for the new HMRC THP.
The workshop will be led by Mr Mark Taylor of Vantis PLC and will cover:
- How the new regulations will affect you
- What HMRC is looking out for when they review your finances
- How to prepare your disclosure
- Next steps
The workshop will be held at The Wellcome Trust, 215 Euston Road, London NW1 2BE from 1.00pm to 3.00pm (lunch and registration from 12.30pm).
The cost of attendance is £120.00. If you would like to attend this important event please complete the booking form and return it with your cheque payable to ‘Londonwide Enterprise Limited’ for the attention of Karen Cooper (kcooper@lmc.org.uk) at Londonwide LMCs, Tavistock House North, Tavistock Square, London WC1H 9HX by Friday 19 February 2010.