It seems that those in the medical profession, whom HMRC suspect of under declaring their tax liabilities, are going to feel the full force of HMRC's "wrath" in the coming weeks/months.
Not that doctors have anything better to do!
The Chartered Institute of Taxation have issued this press release on the subject:
"The Chartered Institute of Taxation (CIOT) has expressed surprise - and concern - at the statistics released today by HM Revenue & Customs (HMRC) about the outcome of their 'Tax Health Plan' initiative.
Only some 1,500 medical professionals are understood to have made disclosures under the arrangement.
The Tax Health Plan (THP) is the most recent stage in HMRC's efforts to encourage taxpayers with undeclared tax liabilities to come forward and get their affairs in order, the incentive being the offer of relatively modest penalties.
All of these initiatives have been backed by information that HMRC have obtained from their wider compliance activities and which give HMRC targets to pursue if people do not come forward. Gary Ashford, chairman of the CIOT's Management of Taxes committee, said:
"We understand that HMRC's data suggested there were some 30,000 medical professionals who might have undisclosed tax liabilities. If only 1,500 have come forward, that is a considerable surprise and suggests that either many professionals are not taking this seriously - or of course that HMRC have failed to get their message across properly.
"We have been told that HMRC will start using the full powers available to them for non-compliance in this area from 1 August. Any medical professional with undisclosed tax liabilities really should take advantage of this brief window to take advice and start getting their affairs in order. It's clear to us that HMRC are intending to come down hard on defaulters." "
Tax does have to be taxing.
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