Medical Profession Should Beware Of The Tax Health Plan, Says ACCA
Low response rate to HMRC's disclosure regime could see doctors and dentists face investigation.
- (1888PressRelease) July 24, 2010 - Medical professionals face a potential investigation by HM Revenue & Customs (HMRC) following a low response to their Tax Health Plan - a disclosure regime launched earlier in 2010 aimed at doctors and dentists.
Chas Roy-Chowdhury, head of taxation at ACCA, says: "I've learned recently that some 30,000 targeted letters were sent to doctors and dentists asking them to make a voluntary disclosure about their tax affairs and disclose any extra income on which they have not paid tax.
"Apparently, only 1,500 responses to this tax amnesty have been received, which means that both doctors and dentists have forgotten or ignored HMRC's Tax Health Plan, or they have nothing to disclose and are fully tax compliant."
Mr Roy-Chowdhury recommends that the medical professions targeted for this amnesty respond and make a disclosure if necessary, adding: "While the 30 June payment deadline has been and gone, from 1 August 2010, HMRC will begin investigations. Where the individual responds before HMRC begins to investigate, then they are likely to receive a fairer hearing.
"This whole process is very much about HMRC focussing on collecting taxes from plumbers to gas fitters to doctors - the message is that the tax authority has become more authoritative and will continue to be so. Those who are concerned should contact a chartered certified accountant to help them sort out their tax affairs."
Further details about the Tax Health Plan can be found on HMRC's website at: http://www.hmrc.gov.uk/tax-health-plan/
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