“Tax amnesty targets medical professionals”- Financial Times, 8th January 2010
Why the medical profession?
HM Revenue and Customs have announced that they believe a significant minority of medical professionals have been engaged in tax evasion.
HM Revenue & Customs have therefore extended its legal powers to obtain information regarding doctors and dentists from NHS trusts, private hospitals and medical insurers amongst others.
What is a tax amnesty?
HM Revenue & Customs are offering medical professionals the opportunity to disclose to them any undeclared tax from previous tax years. The penalties and implications for the tax payer disclosing unpaid tax are less than if the under-declaration were discovered by HM Revenue and Customs themselves.
Under the amnesty, the taxpayer can take advantage of a reduced penalty of only 10% [the maximum normal penalty outside the amnesty could be as much as 100%].
What are the ramifications?
A disclosure should be notified to HM Revenue & Customs by 31 March 2010. The taxpayer has then until 30 June 2010 to make any disclosure and pay all taxes, duties, interest and penalties.
There have also been reports that those failing to come forward before the end of March 2010 may face the threat of further investigations, public naming and shaming and even criminal prosecution.
What should you do?
Review your historic tax affairs. The tax amnesty can be used to correct errors, omissions or anomalies of any kind. As such it is very important that you take advantage of the amnesty should you become aware of any under-declaration.
An under-declaration may occur due to omitted income. It may also occur due to overstated expenses claims.
If you are aware of an issue, or are unsure whether the tax amnesty affects you; then please contact Accura Partners LLP as detailed below.
Why Accura Partners LLP?
Accura Partners LLP has a vast wealth of knowledge dealing with tax enquiries. Our tax investigations department specialises in dealing with HM Revenue & Customs and it is this experience that enables us to secure the best possible outcome for our clients.
It can be worrying dealing with HM Revenue & customs under these circumstances. We take great care in looking after our clients, ensuring that the matter progresses as smoothly as possible.
Should you contact us, any initial consultation will be without obligation or charge. From our offices in North and Central London we provide essential financial and business services to a wide range of clients throughout the UK and beyond.
Please contact Accura Partners LLP as detailed below.
The way forward
If you are a medical professional and you are aware of any omissions or errors within your tax affairs which may have led to an under-declaration of tax then you should take advantage of the tax amnesty by notifying HM Revenue & Customs by 31 March 2010 and disclosing and paying over any monies due by 30 June 2010.
The use of a tax professional in making this disclosure will give you the reassurance that your affairs are being dealt with correctly and that there are no further implications with regard to the issues disclosed.
Please contact Accura Partners LLP to discuss this matter further:
Or as follows:
FAO: Jon Bregman
Accura Partners LLP
Telephone: 44 (0)20 8444 2000
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