HMRC: contact us before we contact you

Date: 11th January 2010

H M Revenue and Customs (HMRC) has announced a new tax health plan for medical professionals.

Under the new plan, people with understated incomes will be urged to declare the sums.

Anyone coming forward before the March 31st deadline imposed by HMRC will be able to sort out any tax issues "simply and on the best available terms".

Those who fail to take advantage of the opportunity face targeted investigation and "substantial penalties".

Penalty charges of ten per cent will be offered to those making use of the plan, while fines of up to 100 per cent will be charged to those caught in investigations.

In severe cases, criminal prosecution could be sought.

Mike Wells, HMRC's director of risk and intelligence, said: "Our aim is to make it as easy as possible for people to come forward, make a full disclosure and benefit from the certainty of a reduced ten per cent penalty that HMRC is making available to those who qualify for this opportunity.

"This is the first step in enabling those with undisclosed income or gains to avoid a full tax investigation together with much higher penalties. The message is clear: contact us before we contact you."