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HMRC Launches Tax Amnesty For Solicitors

by Robert Lee, Tax-News.com, London

11 December 2014


HM Revenue and Customs (HMRC) has launched an amnesty campaign for the UK's solicitors, giving them until June 9, 2015, to disclose and pay any tax they owe.

The Solicitors' Tax Campaign is HMRC's latest voluntary, intelligence-led disclosure opportunity. Previous campaigns have targeted medical professionals, plumbers, online traders, and landlords. Nearly GBP1bn (USD1.6bn) has been raised through voluntary disclosures and follow-up activity by HMRC.

Solicitors have until March 9, 2015, to tell HMRC that they would like to participate in the scheme, and until June 9, 2015 to disclose and pay the tax they owe. Any penalties participants might have to pay will be lower than if HMRC has to approach them first.

Caroline Addison, Head of Campaigns at HMRC, said: "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. It will be easier and cheaper for you to come to us than for us to come to you. Those who make a deliberate decision not to pay the taxes due could face a penalty of 100 percent or more of the tax due, or even a criminal prosecution."

TAGS: compliance | tax | tax compliance | tax incentives | revenue guidance | law | United Kingdom | professionals | revenue statistics | penalties | trade

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