Solicitors’ Tax Campaign
HMRC have launched a new campaign this week targeting solicitors who have not declared all their income. The “Solicitors Tax Campaign’’ is aimed at individuals and companies.
The process involves two stages. The first step is to submit a notification form on or before 9 March 2015. The second stage involves the completion of the disclosure form and paying the outstanding liability by 9 June 2015 although the payment deadline can be extended if you need more time to pay.
The disclosure facility will not cover VAT, Inheritance Tax or Stamp Duty Land Tax however there is a section on the disclosure form to mention liabilities related to these taxes and this will be forwarded to the appropriate HMRC department.
This facility to make voluntary disclosure offers the best possible terms and HMRC will not publish your details if you do all the following:
- notify HMRC that you are going to make a disclosure;
- make a full disclosure including full payment of tax owed which proves to be both accurate and complete before the deadline for doing so;
- co-operate fully with HMRC if they ask you for any further information.
However it should be pointed out that HMRC still have the option to prosecute although HMRC state that they will consider each case on its merits but ‘a complete and unprompted disclosure would generally suggest that a civil (rather than criminal) investigation was appropriate’.
Further information can be found by clicking on the link below.
If you have any further questions, please do not hesitate to contact us.Talk to Barnes Roffe today