Solicitor Tax Campaign
10 December 2014
Solicitors are the latest group of professionals being targeted by HM Revenue & Customs (HMRC) for non-payment of tax.
Tax crackdowns on other professionals, such as dentists, doctors and lawyers, have raised almost £1 billion so far since being initiated in 2011.
The Solicitors Tax Campaign offers solicitors the chance to bring their tax affairs up to date or face tougher penalties or possible criminal investigation. This is a data and intelligence-led disclosure opportunity. Information gathered by HMRC has identified solicitors who appear to have not fully declared income or paid the correct amount of tax.
HMRC has made it clear that it will vigorously pursue anyone who decides not to put their tax affairs in order. Those who come forward will ordinarily have to pay a penalty of no more than 20% of the tax owed. Those who decide not to disclose could face a penalty of 100% or more of the tax due or even a criminal prosecution.
Solicitors have until 9 March 2015 to tell HMRC that they would like to take part in the campaign and until 9 June 2015 to disclose the tax they owe and pay it.
Any disclosure to HMRC needs to be carefully prepared and presented. Daly Park can assist you with this and help secure the best settlement terms. Should require advice please give us a call.