2010 will see HMRC carefully scrutinising medical professionals. Doctors, Dentists and other medical professionals will find their financial affairs under greater scrutiny this year. HMRC introduced the Tax Health Plan, “as an opportunity for medical professionals with tax to pay to get their affairs up to date with the benefit of a fixed penalty.”

Doctors and dentists need to notify HMRC of their intention to make a disclosure by 31 March 2010 of any undeclared liabilities. If a disclosure is made then any penalty will be fixed at 10 percent and if the liability is less than £1,000 no penalty will be charged. However if medical professionals fail to make a declaration of unpaid taxes and duties then penalties could be up to 100% of the unpaid liabilities and not less than 30 percent.

Therefore its very important for medical professionals to make any disclosure by the deadline of 31 March 2010. After this date HMRC will  start collating information from NHS trusts, private hospitals and medical insurers.