Medical Professionals under Investigation
HMRC is introducing an opportunity for medical professionals with tax to pay to get their affairs up to date with the benefit of a reduced fixed penalty of 10% of undeclared tax. HMRC will pursue those with undeclared tax liabilities who decide not to make a disclosure. In these cases the penalties could be up to 100 per cent of the tax due and in exceptional circumstances criminal prosecution may be considered.
HMRC is obtaining information from various sources, including NHS trusts, private hospitals and medical insurers. In order to benefit from the reduce penalty HMRC must be notified of your intention to disclose before 31 March 2010 with full disclosure made and tax liabilities paid before 30 June 2010. CLB Coopers Chartered Accountants advises that you must seek professional guidance from an accountant as soon as possible before you are contacted by HMRC.
Contact our Senior Tax Manager Nick Donohue on 0161 245 1018 to find out how we can assist you with your disclosure.