INCOME TAX CRACKDOWN
Dentists, PAYE workers and the cash-for-gold industry are coming under intense scrutiny from the Revenue, which is determined to crack down on the shadow economy, The Sunday Times reports.
The taxman will step up surprise visits this year, concentrating on white-collar sectors in particular. The jewellery trade – including pawnbrokers, wholesalers, retailers, and the cash-for-gold businesses – and the employment of hygienists and associates by dental practices have been singled out as particular targets.
The cash-for-gold business has mushroomed in recent times as the value of the precious commodity has spiralled and unwanted jewellery can now be worth substantial sums. However, the government is concerned many of them are being used by thieves to offload stolen goods, or that tax is not being declared on profits derived from these businesses.
In the case of dentists, Revenue is hoping to replicate its success of last year when it found many GPs were failing to deduct PAYE from pay to locums. This resulted in the doctors having to pay large bills to the exchequer.
If you believe you may have any tax exposure in the above areas, contact Anthony Casey to address those issues.