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New! - Medical Professionals - Are you affected by HMRC's Tax Health Plan?
You might have been paying too much tax over the last 6 years if you have not declared all the allowable expenses you have incurred.
If you are joining TaxPenny as a new client then your tax adviser will automatically make sure to check and maximise your expenses over the last 6 years. Our current refunds for Doctors average £400 per tax year claimed for, so may be up to £2400!
If you're a UK taxpayer you should keep a record of the tax you pay each year and other records relating to your income.
You should keep all documents containing details about your pay and tax that your employer provides, including:
You should also keep:
When you're employed you may be able to claim for expenses to reduce the tax you'll have to pay. You'll need to keep records so you can include the expenses in your Self Assessment tax return.
You should keep any documents relating to:
You should keep:
You should keep all:
You should also keep:
If you get income from letting out a property, you'll need to keep details of the rents you've received and the expenses you've paid. Find out more about our rental accounts service.
You'll need to keep any dividend vouchers, tax certificates and personal financial records. Find out more about Capital Gains.
You should keep information on any share options awarded or share participation arrangements.
You'll need to keep contracts and other documentation about assets you've bought, sold, exchanged, given away or acquired. You should also keep any bills, invoices or other evidence of payment such as bank statements and cheque stubs for the costs of buying, improving or selling assets - as well as copies of any valuations used in your calculations. More about Capital Gains here.
If you're self-employed or in business there are certain records you legally have to keep. There are also good business reasons for keeping good records.
Your basic records will normally include:
You or your accountant use these records to create a profit and loss account - which shows the sales income you've received and the expenses you've paid, and what profit/ loss you've actually made.
It's helpful to keep a separate record of purchases and sales of assets that you use in the business, such as equipment. These need to be treated differently in your tax return.
You can claim capital allowances for assets, which means that rather than claiming the whole cost at the time you buy, you reclaim the cost over time.
All businesses are different and there are many specific types of detailed record that may need to be kept. Some examples of records you should keep include:
All this information will be useful in completing your Self Assessment return. You'll need to keep certain records and hold on to them for several years so that you can back up the information you put on your return.
If you're not running a business you'll normally have to keep your records for at least 22 months from the end of the tax year to which they relate. For example a form P60 for the tax year 2006-07 mustn't be destroyed until after 31 January 2009.
It's advisable to keep documents relating to buying or improving assets until at least 22 months after the end of the tax year in which you disposed of the asset. These documents will help you calculate any capital gains or losses and answer any queries we have. For example if you dispose of an asset in February 2007 you must keep any records relating to its purchase, improvement and disposal until after 31 January 2009.
If your records are lost or destroyed and you can't replace them you must tell us what has happened and do your best to recreate them.
Once you've gathered replacement information you use this to complete your tax return. You must tell us whether any provisional figures are:
If you make adjustments at a later date and you've underpaid tax there may be interest and penalties to pay.
TaxPenny are here to help you to with making a tax disclosure to HM Revenue & Customs efficiently.
The 'Tax Health Plan' is the recent campaign from the HM Revenue & Customs targeting medical professionals (doctors, dentists, surgeons and other medical professionals) to collect the underpaid tax from undeclared sources of income, tax irregularities and tax evasion from up to 20 previous tax years.
The HMRC are offering an opportunity until 31 March 2010 for medical professionals to come forward and notify of intention to disclose. Following which, the submission of disclosure and settlement of tax and any penalties is to be made at the latest on 30 June 2010.
The advantage of coming forward voluntarily is a reduced penalty of 10%. For the medical professional failing to notify but is later investigated by HMRC, the penalties will be higher at 20%-100% and even possible criminal prosecutions.
For any medical professional affected, TaxPenny have designated advisers here to help. We have built a strong reputation amongst medical and dental practitioners as thorough, very knowledgeable in the tax affairs of the medical profession, and fee competitive.
We understand the HMRC's 'Tax Health Plan' disclosure process and aim to assist our clients to get their tax affairs in order and minimize their liabilities.
Contact us and let our experts help you.
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