News - January 2010

HMRC to target doctors

12th January 2010
An expert has expressed his surprise at the announcement from HM Revenue & Customs (HMRC) that they are to target doctors and other medical professionals in a new amnesty initiative.

Commenting on HMRC’s announcement, David Jefford, medical specialist at Larking Gowen Chartered Accountants and Business Advisors, said, “I am not aware of an overwhelming body of evidence to suggest that doctors, dentists and other health professionals omit such significant amounts of income that an initiative by HMRC on this scale is warranted. Inevitably, mistakes will be made, but for the vast majority of individuals under scrutiny, these mistakes will be innocent.”

Called ‘The Tax Health Plan (THP)’, HMRC’s announcement on 11 January explains that notification of the intention to make a disclosure must be made by 31 March 2010, and disclosure of undeclared liabilities with payment of all outstanding tax, interest and penalties must follow by 30 June. The advantage of making a disclosure under the THP is that any penalty is limited to 10% of the additional tax liability.

If you have any queries regarding this matter you must seek professional advice.

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