Doctors and other medical professionals are being targeted by HMRC in a fresh campaign against tax dodgers. It has been reported that HMRC have been gaining information surrounding doctors, dentists, hospital consultants, cosmetic surgeons from employers such as NHS trusts and private hospitals.
The HMRC have put in place a scheme whereby any medical professional who makes a full confession of past unpaid tax will only receive a 10% penalty, this is normally 30%. Those that do come forward must pay all past tax, interest and penalties by 30th June. By taking up the 10% offer, valid until 31st March it will remove the prospect of public naming and shaming which i am sure most medical professionals would not want.
The HMRC were also investigating taxable income that had been hidden in offshore bank accounts, so for any contractors using umbrella companies that operate in this way should be looking at other options before that hughe tax bill and at least 30% charge and interest ontop arrives. Thats the benefit of using Tarpon, because this senario would never happen as our contractors are 100% compliant.
