18 December 2014
The Solicitors’ Tax Campaign is the latest voluntary disclosure opportunity giving specific groups of taxpayers the chance to bring their tax affairs up to date or face tougher penalties and the potential for a detailed tax investigation, as part of a new tax campaign.
HMRC, as with previous campaigns, will have obtained from various third party sources information on the likely areas of undisclosed income and identified solicitors who they believe will have underpaid tax.
Those who use the voluntary disclosure facility will pay lower penalties and avoid the potential for a detailed tax investigation, whether that be civil or criminal. Experience from previous similar campaigns suggests that HMRC will target those solicitors who they believe have historic tax liabilities and who have not used the opportunity to make a voluntary disclosure.
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.
What you need to do:
- Tell HMRC you want to take part in the campaign by 9 March 2015
- Disclose details and pay what is owed by 9 June 2015
If you would like to discuss the campaign effects further, please contact John Sheehan from our Letchworth office or a tax adviser at your nearest location. Alternatively, you can complete our online contact form.