Health tax amnesty extended - with harsher terms
The Tax Health Plan to declare untaxed income may have finished, but HM Revenue & Customs will still accept disclosures - albeit with harsher penalties
Dentists and doctors who failed to disclose untaxed income under the health
tax amnesty, which ended 30 June, will be given until 1 September to make a
disclosure that will benefit from a reduced penalty.
Around 1,500 disclosures were made by health professionals to HMRC under the
disclosure scheme, out of a predicted 28,500 who the taxman believed needed to
declare taxable income.
The channels to declare under the scheme are now closed, yet disclosures will
still be accepted – albeit not benefitting from the 10% guaranteed penalty under
the original plan. However, it will be less than the usual 40%+ under an
investigation.
Investigations will be looking at prosecution from the outset – particularly
where hidden payments are involved, a source from HMRC told Accountancy
Age.
Further reading:
Only
1,500 declare under health tax amnesty