Time for a tax health check

DSH Chartered Accountants and Business Advisors is urging health professionals who owe tax to make the most of an HMRC campaign that will allow them to get their affairs up to date and minimise the penalties they may face.

The Health and Wellbeing Tax Plan is aimed at physiotherapists, occupational therapists, chiropractors, osteopaths and podiatrists. Homeopaths, dieticians, nutritional therapists, reflexologists, acupuncturists, psychologists and speech, language and art therapists are also covered.

Stephen Metcalf“The health professionals covered by this campaign have until December 31, 2013, to tell HMRC that they would like to take part,” said Stephen Metcalf, Tax Manager of DSH Maidstone. “They then have until April 6, 2014, to disclose and pay the tax they owe.

“From December 31, 2013, HMRC has warned that it will start to take a much closer look at the tax affairs of those who fall within the listed professions. Those who have come forward voluntarily under the HMRC scheme will find that any penalties they might face are lighter than they might have been.”

Stephen warned that those who haven’t taken advantage of the scheme and have outstanding tax liabilities will be subject to harsher penalties, which will ultimately prove to be much more costly.

“HMRC takes these campaigns seriously,” Stephen added. “I would urge all those working in the health professions listed to talk to their accountant to ensure their tax affairs are up to date, and to work with them to lessen the risks if they are not.”

To find out more about DSH Chartered Accountants & Business Advisors, visit www.dsh.co.uk or call 01622 690666.

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