Tax disclosure deadline looming

Published On: 23-02-2010

Dentists are being reminded by national tax advisory specialists, EDF Tax, they have only until the end of March to disclose any undeclared income, in return for a reduced penalty.

EDF’s Iain Macleod, stressed HM Revenue & Customs is using all its powers to obtain information and recoup unpaid taxes: ‘Among the latest category to come under close scrutiny has been the medical profession and HMRC has used its information powers to obtain details from various sources including NHS trusts, private hospitals and medical insurers. The HMRC is comparing that data against income tax returns made by medical professionals.’

Known as The Tax Health Plan, it covers the last 20 years up to April 5, 2008.  Undeclared income after that date should have been included in the 2009 return.

Iain Macleod continues: ‘The first step is to notify HMRC of an intention to make a disclosure, which has to be completed by March 31, 2010. Then the preparation and disclosure has to be made by June 30, 2010.’


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