Professionals targeted in new tax evasion campaign

Professionals targeted in new tax evasion campaign

Professionals are being targeted in a new campaign to tackle tax evasion, warns Maidstone-based DSH Chartered Accountants & Business Advisors.

HM Revenue & Customs’ (HMRC) ‘Professionals Campaign’ was launched with the announcement that the medical profession would be the first to go under the microscope with doctors, dentists, hospital consultants and cosmetic surgeons’ tax affairs being examined.

Other white-collar workers including solicitors, barristers and accountants are expected to be targeted in the coming months.

Steve Carpenter, Tax Manager at DSH, said: “HMRC believes that some medical professionals may be understating the amount of earnings upon which UK tax and duties are due. This campaign is designed to make it easier for any individuals who have omitted income from their tax returns in the past to get their tax affairs back on the right track and offers them the certainty of a reduced penalty of 10%.”

Medical professionals have until Wednesday 31 March to register their intention to disclose, with disclosures completed and payment made to HMRC by Wednesday 30 June 2010.

“If you are at all unsure about the amount of tax you should be paying, it is a good idea to seek expert advice. There are legitimate arrangements that can be put in place to save tax without running the risk of an enquiry.

“It seems certain that HMRC will be targeting other groups of high-earning professionals in the near future so it is best to get your tax affairs in order as soon as possible. Tax evasion loses the economy some £3billion a year and the government is determined to recover these funds with tens of thousands of individuals due to be audited.”

For assistance with tax affairs, or to find out more about DSH Chartered Accountants and Business Advisors’ services, call 01622 690666 or visit dsh.co.uk

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