No one wants to be the subject of a tax investigation by H M Revenue & Customs (HMRC), so it’s important to ensure all your affairs are kept in order and up to date.
HMRC is able to use its powers to request information in this respect from NHS trusts, private hospitals and medical insurers as a way of identifying whether there are any cases for investigation.
HMRC recently launched a ‘disclosure opportunity’, known as the Tax Health Plan (THP), for dental and medical professionals with undisclosed income to put their affairs in order.
Although the 31 March 2010 deadline for registering an intention to make a voluntary disclosure has now passed and HMRC has stated that it will not offer such an opportunity again, it is still important to seek professional advice to ensure your affairs are in order should the taxman come calling.
As specialists in the dental sector, we can help you minimise your tax liability by applying the rules in the most tax efficient manner. We can also keep you up to date with any similar targeted initiatives which HMRC may run in the future and help you make sure you do not unwittingly fall foul of any rules and regulations.