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Taxman targets the medical profession
High-earning professionals in the medical sector are the latest group to be targeted under HM Revenue and Customs’ continuing crackdown on suspected tax evasion.
Tax officials are expected to look closely at the financial affairs of medical consultants, general practitioners and dentists over the next year, and HMRC has reportedly issued formal information notices to some large companies such as BUPA, Sun Life and some other financial institutions asking them to disclose details of the payments they make to medical practitioners for providing services such as insurance reports.
The department is also looking for cases where there may be undeclared practice income, consultancy fees, private work and other commissions or sundry earnings from various sources.
HMRC is now offering a disclosure facility (called the ‘Tax Health Plan’) which allows those working in the sector to make a voluntary disclosure about any tax they owe. They will be required to pay the tax due, any gains arising on their unpaid tax liabilities, interest and, in most cases, a fixed 10% penalty.
HMRC has also made it clear that anyone who does not declare the relevant information now is likely to face tougher penalties if tax evasion is subsequently uncovered, including a penalty of up to 100% of the tax owed and even criminal prosecution, as well as the prospect of being ‘named and shamed’ on the revenue’s website.
At Lamont Pridmore, we specialise in providing accountancy services to the medical profession and as one of the largest firms of chartered accountants in Cumbria, we already work for many individuals in this sector. Despite being established over 100 years ago, we are a modern, forward-looking practice, led by the same senior management team and partners for the last 20 years, and have won many prestigious awards.
If you have any concerns at all about this announcement, please get in touch with us straight away to discuss the matter in more detail and we will be pleased to advise you on how to proceed.
