HMRC has launched The Solicitors’ Tax Campaign. This is the latest of the Revenue’s voluntary disclosure opportunities. Solicitors have until 9 March 2015 to tell HMRC that they would like to take part in the campaign, and until 9 June 2015 to disclose the tax they owe and pay it.
Those who voluntarily disclose will pay lower penalties. Those who don’t disclose could face a 100% plus penalty or criminal prosecution if HMRC has to approach them. Penalties for offshore-related income can be up to 200%.
HMRC has a web site with information on the program, forms, calculators to estimate taxes, and phone numbers for additional help. You can visit it through this link.
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