Thousands of GPs have received warning letters from HMRC informing them they are suspected of owing unpaid tax going back up to 20 years. The extent of the onslaught by HM Revenue and Customs has shocked accountants and tax advisers, like KinsellaTax. 28,000 GPs, hospital doctors and dentists have been warned they are under investigation.
Full investigations by HMRC can be lengthy, stressful and a worrying time for you and your family. Don’t suffer with this alone; contact a specialist for expert advice.
KinsellaTax are here for you 24 hours a day, 7 days a week. Call us on 0800 471 4546.
The news comes as very few GPs are believed to have responded to the Tax Health Plan, the amnesty launched for medical professionals, to allow them to declare income amid fears that with time running out that many will face full investigations into their tax affairs.
Under the terms of the amnesty by HMRC, medics have until 31st March 2010 to inform HMRC of their intention to make a full disclosure.
If they choose not to make a disclosure they run the risk of facing a full investigation and lose their right to a reduced 10% penalty.
If any GPs fail to make a disclosure and are found to owe tax on income going back up to 20 years they face the prospect of getting a 100% penalty in addition to the tax due and interest.
The number of medical professionals who have been sent letters shows how seriously HMRC are taking the issue of unpaid tax and we, at KinsellaTax, recommend that no-one ignores their HMRC letter.
With 28,000 letters being sent it is safe to assume that HMRC plan to launch investigations on thousands of medical professionals.
The sort of work that may not have been declared includes producing insurance reports for insurance companies, out of hours work for private firms and private hospital work.
KinsellaTax would like to reiterate the absolute necessity to contact HMRC BEFORE 31st March 2010 in order to avoid a lengthy and stressful investigation and a possible 100% penalty.
If you think you may be in danger of facing an investigation by HMRC then call us now on 0800 471 4546. Don’t waste any time, pick up the phone today.