Time is running out for Solicitors’ Tax Campaign – Action required by 9 March
2nd March 2015 by Fiona Hotston Moore
The Solicitors’ Tax Campaign announced by HMRC in December 2014 requires solicitors to notify intention to make a voluntary disclosure of underpaid tax by 9 March 2015 and full disclosure and payment of tax by 9 June.
Why would you make a voluntary disclosure under this campaign?
If a disclosure is made under this scheme HMRC penalties will be minimised and HMRC will not publish your details in the list of deliberate defaulters.
Who is eligible?
The campaign is open to solicitors working within the legal profession with undisclosed tax liabilities. Solicitors who have already been contacted by HMRC in relation to opening a tax enquiry or those suspected of serious organised crime will not be entitled to use the scheme.
Can I make disclosures after 9 March or if I fall outside this campaign?
Yes, a tax payer can make a disclosure about unpaid tax liabilities at any time and can expect a lower penalty than if HMRC discover the underpaid tax. Penalties can amount to as much as 100% of the unpaid tax so voluntary disclosure will minimise what might otherwise be a hefty penalty.
If you have any concerns about potentially underpaid tax we recommend you obtain professional advice at the earliest opportunity. Our tax and forensic teams can assist with tax disclosures, HMRC and NCA investigations and tax tribunals.
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