Solicitors Tax Campaign - 9th June Deadline(20% penalty)

Solicitors have until 9th June to make a voluntary disclosure of unpaid tax to HMRC in order to clear up their tax affairs and avoid the risk of large penalties.

Solicitors who have taken advantage of the Solicitors Tax Campaign by making a voluntary disclosure of any unpaid tax by 9th June will be eligible to receive a maximum penalty of 20% (of the tax owed) depending on the circumstances.

Those who do not make a disclosure through the campaign and are found to have unpaid tax following an investigation by HMRC can face penalties of up to 100% (of the tax owed). In scenarios where there are offshore tax liabilities, penalties can be as high as 200% depending on the circumstances. In severe cases there is even the risk of criminal prosecution.

Solicitors who have not taken advantage of the Solicitors Tax Campaign can still make a voluntary disclosure through alternative HMRC facilities that will remain open until the end of 2015. To discuss the options solicitors can call our experts on 0113 387 5670.

HMRC continues to clampdown on tax avoidance and tax evasion in the UK. Following a number of specific campaigns by HMRC targeted at professions including medical experts, property landlords and tradesmen such as builders and electricians, the Solicitors Tax Campaign was launched in December 2014.

The campaign originally gave solicitors a deadline of 9th March 2015 to notify HMRC of their intention to make a voluntary disclosure of unpaid tax, with the deadline for payment set as 9th June 2015.

According to HMRC, previous campaigns resulted in 14 criminal convictions following a number of investigations.

With the deadline for the Solicitors Tax Campaign set to close, solicitors can still explore alternative disclosure facilities in order to declare any unpaid tax or there may be a risk that a full tax investigation could be launched, potentially leading to large penalties and even criminal prosecutions.

We are able to assist solicitors through making a voluntary disclosure and in dealing with HMRC if necessary.

If you would like to discuss your circumstances with one of our experience tax investigations and disclosures professionals in complete confidence, you can call us on 0113 387 5670 or fill out an Enquiry Form and we will contact you straight away.

More information about the Solicitors Tax Campaign can be found on the HMRC website