HM Revenue & Customs (HMRC) is offering an opportunity for medical professionals with undisclosed tax liabilities to come forward and settle their affairs.
HMRC has prepared a list of Frequently Asked Questions (FAQs) (PDF 73K) to explain THP in more detail and answer general questions. New FAQs emerging, if any, will be added to the FAQ page.
Notify your intention of disclosure by 31 March 2010.
Submit your disclosure in writing using the forms provided by 30 June 2010.
Make full payment with your disclosure.
Here are the most recent questions and answers emerging from correspondence with our customers and the media.
HMRC is introducing THP as an opportunity for medical professionals with tax to pay to get their affairs up to date with the benefit of a fixed penalty.
HMRC is obtaining information from various sources, including NHS trusts, private hospitals and medical insurers.
HMRC will pursue those with undeclared tax liabilities who decide not to make a disclosure. In these cases the penalties could be up to 100 per cent of the tax due and in exceptional circumstances criminal investigation may be considered.
The downloadable guidance and forms booklet above will help you with the next steps: