Doctors and dentists have chance to improve tax health

Doctors and dentists with any undeclared tax liabilities have less than a month to volunteer this information if they are to take advantage of a promise of reduced penalties.

Explains Denise Macrow of Barr Ellison’s tax team: “Following a campaign to encourage offshore account holders with undeclared assets to come forward, which attracted 10,000 people, HMRC has decided to give medical professionals (anyone regulated by the General Medical Council) and dentists the opportunity to put their tax affairs in order with the Tax Health Plan, which promises a reduced penalty of 10% of the tax due and no penalty if the tax due is less than £1000.”

To take advantage, tax payers must notify HMRC of their intention to disclose by 31 March, followed by an actual disclosure and payment of outstanding taxes, duties, interest & penalties by 30 June. Failure to do so could result in penalties of between 30 and 100% of the unpaid liabilities.

Adds Denise Macrow: “With the promise of reduced penalties this gives doctors and dentists with undeclared tax liabilities a straightforward way to put their tax affairs in order. After 31 March HMRC will review and undertake compliance checks using the information they hold on those who have chosen not to disclose, which could even lead to a criminal investigation.”

Barr Ellison’s tax team is offering all current clients of the firm the opportunity to take advantage of half an hour’s free advice – to include the completion of the forms necessary to inform HMRC of an intention to disclose and advice on the further information that would need to be gathered in order to make a full disclosure.

Anyone who would like to take advantage of this offer or who is unsure how to proceed can contact Denise Macrow or Judy Curtis on 01223 417200.

The information given in this article is of a general nature only and should not be considered as advice applicable to any particular situation for which specific request should be made to us.

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