HMRC’s crackdown on accurate accounting for doctors has led to a criminal conviction, with one Leicestershire doctor now facing an 18-month jail term.
The defendant, Michael Summer, earned over £750,000 in four years, but only declared half of his income to HMRC.
Ultimately he avoided paying nearly £186,000 in tax, which he used to fund a lavish lifestyle of luxury holidays and home renovations.
When contacted by HMRC investigators, he claimed to not be ‘good with numbers’.
Stuart Taylor, assistant director of criminal investigation at HMRC, said: “Suppressing your true income to reduce your tax bill will not be tolerated by HMRC or the public, most of whom pay what is due, when it is due.”
During questioning, Summer admitted that he had not provided his accountant with accurate information about his income.
The case highlights the importance of accurate accounting for doctors – and why you should provide your accountants with full information about what you earn.
Without doing so, it is impossible for your accountants to calculate the correct amount of tax you owe, and this in turn means it is likely HMRC’s investigators will come knocking at some point in the future.
Production
