HM Revenue & Customs (HMRC) is targeting solicitors with a new tax-gathering campaign.
The Solicitors’ Tax Campaign, which was launched on 8 December, is the latest in a series of HMRC initiatives giving specific groups of taxpayers the chance to put their tax affairs in order on the best terms available.
Previous campaigns, which have included medical professionals, landlords and health professionals, have so far raised almost £1 billion from voluntary disclosures and follow-up activity by HMRC.
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 and pay any tax owed.
By coming forward voluntarily, any penalties that might be payable will be lower than if HMRC approached them first. Those who fail to come forward could face a penalty of 100 per cent or more of the tax due or even a criminal prosecution.
Caroline Addison, HMRC’s head of campaigns, said: “Information gathered by HMRC has allowed us to identify solicitors who thought they could operate without declaring income and paying the taxes that others have to pay.
“If you have not declared all of your income, you need to put your tax affairs in order. Take this chance to come forward and put things right in a straightforward way and on the best possible terms. It will be easier and cheaper for you to come to us than for us to come to you.”
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Link: Solicitors Tax Campaign