Debt advice news: Avoiding tax will not solve debt

13/01/2010

Medical professionals looking to solve debt problems by avoiding tax have been warned by the government that they will be found and fined for undeclared income.

HM Revenue & Customs (HMRC) has initially targeted medical professionals with understated income, giving them until March 2010 to make a voluntary disclosure.

Mike Wells, HMRC's director of risk and intelligence, said: " Our aim is to make it as easy as possible for people to come forward, make a full disclosure and benefit from the certainty of a reduced ten ten per cent penalty that HMRC is making available to those who qualify for this opportunity."

He added that after April 2010, investigators will be using all methods at their disposal to catch people with undisclosed income.

The Chartered Institute of Taxation (CIOT) has given its approval to the scheme but added: "We do think the time windows are very tight and we would have preferred a little more time to ensure medical professionals are aware of the opportunity."

Medical professionals who take advantage of the offer in time will only pay ten per cent of the penalty instead of the full 100 per cent which could be applied.

Tags; Budgeting Advice,

Regional Debt Advice; Debt Advice Wells,

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