Posted on 9 December 2014
Solicitors have become the latest set of professionals to be targeted by HM Revenue & Customs (HMRC) as the authority seeks to crack down on non-payment of tax.
The Solicitors Tax campaign will target solicitors who are self-employed or work within a partnership, as well as those who work within a law firm.
Solicitors have until March 9 to register their participation in the campaign, and then must disclose and pay their tax debts by June 9. HMRC confirmed that those who come forward before the deadline will be charged a penalty of up to 20 per cent of the tax owed, plus any interest, depending on the circumstances. If an individual, however, chooses not to come forward, they could face a penalty of 100 per cent or more of the tax due, or even a criminal prosecution.
Any disclosures made to HMRC need to be carefully prepared and presented. We would therefore recommend speaking to our specialist tax team for advice.