HMRC have launched a new campaign which gives solicitors the opportunity to bring their tax affairs up to date voluntarily. The Solicitors Tax Campaign gives solicitors working in a partnership or company, or as an individual, the chance to tell HMRC about any income they haven’t declared.
If you have overlooked telling HMRC about any income, HMRC have agreed to give you the best possible deal if you notify them that you want to take part in this campaign and make a voluntary disclosure. The deadline for notifying HMRC is 9th March 2015, and the 9th June 2015 for making a full disclosure and paying any tax liabilities due.
HMRC can request details of payments made to solicitors from relevant business institutions (such as Chambers, Legal aid, HM Courts and Tribunals Service ). They’ll use this information obtained to identify people who might not have paid what they owe. If you don’t make a voluntary disclosure now and HMRC finds out later, you could get higher penalties and face criminal prosecution.
If you aren’t sure whether you need to disclose unpaid income and taxes under this campaign we are more than happy to discuss this with you. For more information about making a voluntary disclosure and how to tell HMRC about your rental income please me on 01223 507080 or via email email@example.com.
If you are not a solicitor (and therefore not eligible under this scheme) but wish to disclose undeclared income please contact us.