HM Revenue & Customs (HMRC) has launched another tax campaign, this time focused on healthcare professionals. The voluntary disclosure period of the campaign starts on 7 October 2013 and runs through to 6 April 2014.
HMRC has set a date of 31 December 2013 for healthcare professionals to notify their intention to disclose any undeclared ‘income, gains and undisclosed liabilities’. After the notification has been made, the disclosure has to be quantified and any tax, interest and penalty arising has to be paid by 6 April 2014.
Disclosure campaigns such as this are split into two distinct phases.
The first phase is the voluntary disclosure window, when healthcare professionals can notify, disclose and pay by 6 April 2014 thereby qualifying for favourable penalty terms.
After 6 April 2014, HMRC will then move into the second phase of the campaign which will involve the compliance effort. At this point HMRC will look for healthcare professionals who have not made voluntary disclosures and begin to take up full enquiries and, possibly, criminal investigations.
What does HMRC take ‘Health Professional’ to mean ?