Content
Leading article...
We can't go on like this...
General tax...
The name is Bond
Blessed are the givers
Excuses, excuses
PAYE the penalty
Silver and gold
Moving goalposts
Doctor, doctor...
Something phishy
Pension problems
Tax dot com
Unpleasant discoveries
Fair's fair (at last)
Chartered taxpayers
This year, next year
VAT...
Focus your mind
Flat rates aren't flat
Reverse the charges
Flapjack flash
Ready set ECSL
A lofty idea
Law items...
I want my lawyer
Not on my holiday
A grey area
No difference
| There have now been two "disclosure opportunities" for people who have salted away undeclared money in foreign bank accounts to come forward and put their affairs in order with HMRC by paying any outstanding tax and a reduced penalty. Now HMRC have announced a "tax health plan", offering the same idea to doctors. The offshore arrangement came about because HMRC obtained a great deal of information from banks about customers who had foreign accounts - now it seems that they have required insurance companies to give them details of payments made to doctors, and they reckon they can scare large numbers into coming forward by giving the impression that "they know everything". To take advantage of a reduced penalty offer, the doctor has to declare an intention to make a disclosure by 31 March and provide the full details by 30 June. HMRC seem to suspect everyone of hiding their money - the medical profession is a surprising target, and accountants are wondering where the next "last chance offer" will come. If you have nothing to hide, you have nothing to fear - except possibly the inconvenience of HMRC asking questions. If you think that you may not have told them everything, it's important to put the record straight before they come knocking - whether you are a doctor, a baker or a candlestick-maker. We can advise you. The "tax health plan" is described at www.hmrc.gov.uk/tax-health-plan, www.hmrc.gov.uk/tax-health-plan/thp-faqs.pdf and www.hmrc.gov.uk/tax-health-plan/hot-topics.htm. |
© Bayar Hughes & Co., 2010.