The new disclosure opportunity named “Tax Health Plan” was first announced on 11th January 2010 and is already evolving as well as proving confusing. The opportunity is aimed at getting individuals who have undeclared income to come forward and provide HM Revenue and Customs with details of it.
Although the initiative is called “Tax Health Plan” and we were told that it was aimed at the medical profession, it quickly became clear that only Doctors registered with the General Medical Council would be included. We now know that Dentists are also included. Who’s next?
The initiative only covers undeclared income for tax years up to 5th April 2008. HM Revenue and Customs said that this is because everyone still had a chance to declare this income prior to the filing deadline to avoid penalties. Given that it will take a while for the message to get out and that HM Revenue and Customs keep changing the goal posts then many may well be submitting amended tax returns.
If you would like to talk about the issues raised, or any other tax issue, please do feel free to get in touch.