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Solicitors given chance to get their tax in order

11 December 2014 | tagged Current issues

HM Revenue and Customs (HMRC) is giving solicitors the chance to bring their tax affairs up to date on the best terms possible.

Solicitors in Scotland and across the rest of the UK can take advantage of the window of opportunity being offered under the Solicitors’ Tax Campaign, to get their taxes in order if they need to.

How can I take part?

Those who wish to participate in this opportunity have until 9 March 2015 to contact HMRC and tell them they want to bring their tax affairs up to date. They then have until 9 June 2015 to make the disclosure and pay what they owe.

Solicitors are asked to contact the Solicitors’ Tax Campaign dedicated helpline on 0300 013 4749 or they can also complete a notification form available online by searching for ‘Solicitors’ Tax Campaign’ on GOV.UK by 9 March 2015, this can then be sent either electronically or by post.

They must then complete and submit a disclosure form available online by searching for ‘Solicitors’ Tax Campaign’ on GOV.UK, and pay what is owed by 9 June 2015.

HMRC is also asking those solicitors with outstanding Self-Assessment returns for any of the years 2010-11, 2011-12 and 2012-13, to submit their returns by 31 December 2014. 

Why should I take part?

HMRC is giving solicitors a quick and straightforward chance to take advantage of the best terms possible when they bring their tax affairs up-to-date.

Participating in the campaign will allow people to increase the chances of avoiding a higher penalty and potentially avoid a criminal investigation.

Tax and interest will still have to be paid, but the penalty is likely to be between 0 per cent and 20 per cent of the amount owed, depending on the circumstances.

Where additional taxes are due, HMRC will usually charge higher penalties than those available under the Solicitors’ Tax Campaign. The penalties could be up to 100% of the unpaid liabilities, or up to 200% for offshore related income.

Campaigns

This initiative is the latest campaign to be launched by HMRC to make sure tax is paid so the maximum amount is available to spend on public services that are used by everyone. It builds on earlier campaigns, which have already raised almost £1 billion from voluntary disclosures and other follow up activities, by making it easy for people to put things right voluntarily, pay the tax they owe and put their tax affairs in order for the future.

To find out more about campaigns, watch this video or visit the HMRC campaign webpage by searching for ‘Solicitors’ Tax Campaign’ on GOV.UK.

Support and training

The Society is running a number of events in 2015 including a tax conference in October, a cash room road show and a manual book keeping event. To register your interest for any of these events, please email update@lawscot.org.uk

Any solicitors who are unsure of their tax obligations can find further advice and guidance on the GOV.UK and HMRC websites:

Support for Businesses

About HMRC Webinars

Business Records for Self-Employed

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