The Solicitors’ Tax Campaign offers solicitors the chance to bring their tax affairs up to date or face tougher penalties or possible criminal investigation.
Information gathered by HMRC has identified solicitors who appear to have not fully declared income or paid the correct amount of tax.
HMRC has made it clear that it will vigorously pursue anyone who decides not to put their tax affairs in order. Those who come forward will ordinarily have to pay a penalty of no more than 20% of the tax owed. Those who decide not to disclose could face a penalty of 100% or more of the tax due – or even a criminal prosecution.
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 the tax they owe and pay it.