HMRC Launches Solicitors' Tax Campaign
The latest tax campaign launched by Her Majesty’s Revenue and Customs
is targeting the legal profession!
HMRC are giving lawyers, solicitors, barristers etc. an opportunity to get their house in order and
bring their tax affairs up-to-date. You only need to take action if you owe unpaid taxes to HMRC
and or have outstanding self-assessment tax returns from April 2011.
To make a disclosure solicitors are being asked to make contact by ringing the Tax Campaign helpline
or by logging on to the HMRC website and completing a disclosure form. If you feel this my affect you
and are asking the question “why should I take part?” the answer is simple.
- Those that participate voluntarily to make a disclosure and pay any overdue tax,
complete outstanding tax returns etc are more likely to receive lower penalties
and interest rates from HMRC.
- Those that do not heed the campaign and are discovered later to owe the government
money will indeed face heftier penalties which could be up to 100% of the unpaid liabilities
or up to 200% for offshore related income!
- This Solicitors’ Tax Campaign runs until 9 March 2015