HMRC's new disclosure opportunity aimed at taxpayers in the medical profession has been extended to dentists.

To remind you, there is a deadline for notifying an intention to disclose and this is 31 March 2010.

The deadline for making the disclosure plus payment is 30 June 2010.

Disclosures should go back a maximum of 20 years and relate to 2007/08 and prior years, with the penalty being fixed at 10%.

There is no penalty if the total amount undeclared (tax plus interest) is less than £1,000, or if the under declaration is due to innocent error. 

It may be preferable to make a disclosure under the Liechtenstein Disclosure Opportunity and so please seek professional guidance before notifying an intention to disclose.  Using the THP does not provide a guarantee against the risk of prosecution.  Please contact Dominic Crilly at AG Tax Consulting (dominic.crilly@albertgoodman.co.uk)  for further information.

Posted on 23 Feb 2010