New taxman campaign focused on solicitors.
HM Revenue & Custom’s (HMRC) latest tax crackdown is focused on solicitors that have not paid enough tax.
The latest campaign from the taxman is calling on solicitors to bring their tax affairs up to date or else face tougher penalties.
Solicitors have until 9th March 2015 to tell HMRC they will take part, and then 9th June to disclose the tax owed and pay it. If they engage with the campaign in this way any penalties they face will be lower than if HMRC contacts them first.
Caroline Addison, head of campaigns at HMRC, said the taxman had identified “solicitors who thought they could operate without declaring income and paying the taxes that others have to pay”.
She emphasised that it will be easier and cheaper for those solicitors to come clean and talk to the taxman now.
Solicitors that do not come forward but are found to have unpaid tax will face penalties of up to 100% of the money owed, and possible criminal investigations. Penalties for offshore-related income can go all the way up to 200% of the money owed.
However, if you come forward the penalty will be between 0% and 20% depending on circumstances.
For more details you can visit the solicitors tax campaign section of the Gov.uk website or call 0300 013 4749.
HMRC campaigns which encourage voluntary disclosures like this have previously targeted medical professionals, plumbers, coaches and tutors, electricians, landlords and health professionals. They have raised almost £1 billion, while a number of criminal investigations are underway and eight people have been convicted of cheating the public revenue.
Reblogged from Love Money 08.12.2014 author is John Fitzsimmons.