Accountants warn over underpaid tax 'amnesty'

Accountants are warning GPs to seek advice before taking part in the underpaid tax disclosure opportunity announced by Her Majesty's Revenue and Customs (HMRC).

Last week Healthcare Republic reported that HMRC launched a three-week 'amnesty' for doctors who may have underpaid tax in the past to rectify the situation.

James Cowper accountants says: ‘Do not approach HMRC directly without first speaking with your accountant or tax adviser. HMRC are not overly tough negotiators, but it can be extremely complex and without detailed knowledge of the tax system could lead to a larger tax bill and penalty than necessary.

‘Do not ignore the disclosure opportunity. It is possible that HMRC is already aware of your financial details and the penalties for non-disclosure could mean a penalty of 100 per cent of the tax liability and a criminal prosecution.'

This latest disclosure opportunity closes on 31 March. Fuller HMRC information has been published.

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