The IMO received a letter today from the Office of the Revenue Commissioners on the above subject.

It states that the Revenue is reviewing the tax affairs of medical consultants with a particular focus on instances where the consultant transferred his/her business (or part thereof) to a company owned and controlled by him/her.

The Revenue will be writing to consultants and their agents requesting information on areas that have been identified where considerable tax loss is at risk. It goes on to state that that in cases where the reply does not adequately deal with all of the risk area(s), or indeed where the taxpayer fails to respond to the request within the required timeframe, such cases will be escalated to full Revenue audit. Any audit would be conducted under the Code of Practice for Revenue Audit. 

Examples of areas identified have been provided by the Revenue and can be accessed viewed below.

The Revenue has indicated that it will commence the necessary compliance interventions with taxpayers at the beginning of June.

As each consultant has individual taxation arrangements the IMO recommends that you consult with your tax advisor and or accountant.