Following HMRC’s amnesty for dentists, HMRC are now targeting those who they think have underpaid tax.
Last year HMRC launched the ‘Tax Health Plan’ incentive, which gave dentists a chance to come clean about unreported income and capital gains, knowing that the penalties charged would be restricted.
Following the closure of the incentive, which raised over £10 million, with more than £300,000 from a single dentist, HMRC has sent warning letters to dentists where it thinks undisclosed tax may still be owed. The letters are based on information obtained from disclosures, third-party sources (such as medical insurance companies) and existing records.
Where tax is due, individuals will have only 21 days to pay or they could face additional penalties or even criminal prosecution.
Act now
If you have received a warning letter or think you might be affected you should consider making a voluntary disclosure. We suggest you seek professional advice before making such a disclosure because how you act can significantly reduce any penalty you have to pay.
If you need help making a voluntary disclosure please call Graham Rew on 01242 680000 or email graham.rew@hazlewoods.co.uk. |
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