Surgeons, Doctors, Dentists - Undeclared earnings?
Posted January 20th, 2010
With a big budget deficit to plug (and without a hint of irony given their own expenses scandals) the government has now turned its spotlight on to professionals believing them to be not declaring all their earnings.
See the headline in 12 January’s Daily Mail here.www.dailymail.co.uk/news/article-1242497/Middle-class-medical-professionals-targeted-new-tax-clampdown.html#ixzz0d58v5Dtz
First up is medical consultants, surgeons, doctors and dentists. If this proves “successful” HMRC intends to target other professionals such as Solicitors and bankers.
They have proposed an amnesty to allow any untaxed earnings to be declared. This will be available for 3 months only and after 31 March they intend to be more aggressive.
Of course, you would be forgiven for thinking that this is not new. The Revenue has always had the power to open an aspect or investigate a tax matter should they wish. You may have personal experience of this or know of a colleague who has gone through this. If you do as a busy professional you will know it can be stressful, expensive and time consuming.
Perhaps an audit of your income and outgoings with a professional financial adviser specialising in your field would help.
If you are concerned about these issues and would like to discuss matters further in a confidential manner, please contact me on 01204 663904 or email advice@themedicalifa.co.uk
This comes hot on the heels of the increase personal taxation measures which come into force in April 2010, see here - www.themedicalifa.co.uk/taxation/what-the-proposed-taxation-changes-in-april-2010-will-mean-for-you