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Tax Health Plan Disclosure & Payment Required By 30 June 2010

Posted by: edwinsmith on May 21st, 2010

Further to our news article, Tax Health Plan (THP) - Tax Amnesty for Doctors and Dentists, the deadline of 30 June 2010 is approaching for disclosing and paying any tax, interest and penalties due.

Previously, notification of the intention to disclose should have been made by 31 March 2010.

Accountants are able to disclose on behalf of their clients.

HMRC will not calculate your tax, interest or penalties so you or your accountant will need to calculate this. The penalty, to include with your disclosure, is 10% of the underpaid taxes/duties and Class 4 National Insurance unless the unpaid liability is less than £1,000 where there will be no penalty. Interest will be calculated from the date the tax was due to the date of payment using HMRC’s interest rates.

HMRC have confirmed that if a disclosure made within the terms of the disclosure opportunity is incomplete, or there is a failure to disclose amounts liable to tax or duty, they will consider the instigation of a criminal investigation, in line with their criminal investigation policy.  They also stated that they will “pursue those with undeclared tax liabilities who decide not to make a disclosure. In these cases the penalties could be up to 100% of the tax due and in exceptional circumstances criminal investigation may be considered”.

More information regarding the THP disclosure is available on the HMRC website. Alternatively, please contact us and we can assist you.

Filed under: HMRC campaigns, Tax