HMRC campaign targets legal profession
12 Dec 2014
HM Revenue & Customs (HMRC) has announced that solicitors are being targeted in its latest high-profile campaign to reclaim unpaid taxes.
Solicitors have been given until 9 March 2015 to voluntarily come forward, with full disclosure of any unpaid tax by 9 June 2015. Any charges a solicitor is liable to pay will be lower if they volunteer this information to HMRC rather than awaiting an investigation, when penalties could be as high as 100% of the tax owed.
Similar tax campaigns have focused on medical and health professions, electricians and plumbers, tutors, coaches and online traders. Other campaigns have focused on claiming unpaid VAT from SMEs, a project which has reportedly raised an extra £3.8 billion in tax receipts this year alone.
Solicitors who are self-employed or work within a partnership are being targeted, as well as those who work within a law firm.
Head of campaigns at HMRC, Caroline Addison, 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’.