Saturday 23 January 2010
Dentists Check your tax records
HMRC have confirmed that it has been decided to include Dentists in the THP disclosure opportunity, which started on the 11 January 2010
Wednesday 20 January 2010
“amnesty” to medical healthcare professionals
HM Revenue & Customs are offering an “amnesty” to medical healthcare professionals with undisclosed tax liabilities to make a full declaration in exchange for a reduced penalty.
Since being granted sweeping new powers to obtain individuals’ personal data from a vast number of third parties, HMRC are now in a position to cross-reference a vast range of documents and records to detect discrepancies.
This new approach has already seen around 10,000 disclosures about offshore bank accounts come to light. It is now the turn of medical professionals to go under the spotlight under the “Tax Health Plan”.
Those wishing to submit a declaration have until 31 March 2010 to provide advance notification to HMRC. After this date, the Revenue will be actively pursuing any discrepancies discovered between their own data and that received from NHS trusts, private hospitals and medical insurers, with a view to raising as much cash as possible from penalties.
Individuals wishing to come forward will be expected to provide full details of any unpaid liabilities, including interest and penalties, and make an “offer to pay” to settle their account. HMRC will provide no assistance with the calculation of this information, so it is vital that medical professionals seek the help of a professional tax advisor.
Since being granted sweeping new powers to obtain individuals’ personal data from a vast number of third parties, HMRC are now in a position to cross-reference a vast range of documents and records to detect discrepancies.
This new approach has already seen around 10,000 disclosures about offshore bank accounts come to light. It is now the turn of medical professionals to go under the spotlight under the “Tax Health Plan”.
Those wishing to submit a declaration have until 31 March 2010 to provide advance notification to HMRC. After this date, the Revenue will be actively pursuing any discrepancies discovered between their own data and that received from NHS trusts, private hospitals and medical insurers, with a view to raising as much cash as possible from penalties.
Individuals wishing to come forward will be expected to provide full details of any unpaid liabilities, including interest and penalties, and make an “offer to pay” to settle their account. HMRC will provide no assistance with the calculation of this information, so it is vital that medical professionals seek the help of a professional tax advisor.
Construction businesses face threat to Gross Payment Status
A significant number of businesses in the construction industry face losing their Gross Payment status as a result of deferring tax payments, despite often having discussed the issue with HM Revenue & Customs in advance.
Late payments agreed in advance with the Revenue’s Business Payment Support Service enable businesses registered under the Construction Industry Scheme (CIS) to continue to pay “on time”. However, in a number of cases where requests to make use of this facility have not been processed correctly, Gross Payment Status has come under threat.
The loss of Gross Payment Status must be declared to all existing clients of a business, and can have a damaging affect on customer relations, especially in tough economic times. For construction businesses that may already be suffering from cash flow issues, this can be particularly harmful.
CIS businesses should ensure they make arrangements with HM Revenue & Customs at the earliest possible opportunity, and ensure they take officers’ names and case reference numbers from all correspondence.
Late payments agreed in advance with the Revenue’s Business Payment Support Service enable businesses registered under the Construction Industry Scheme (CIS) to continue to pay “on time”. However, in a number of cases where requests to make use of this facility have not been processed correctly, Gross Payment Status has come under threat.
The loss of Gross Payment Status must be declared to all existing clients of a business, and can have a damaging affect on customer relations, especially in tough economic times. For construction businesses that may already be suffering from cash flow issues, this can be particularly harmful.
CIS businesses should ensure they make arrangements with HM Revenue & Customs at the earliest possible opportunity, and ensure they take officers’ names and case reference numbers from all correspondence.
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