Recent years have seen HM Revenue & Customs (HMRC) offer specific groups of people or business sectors the opportunity to put their tax affairs in order under the best terms available.
These targeted campaigns, which have so far raised almost £1 billion in extra revenue for the government, offer those who may have undeclared income the chance to come forward and pay any tax due before HMRC act on information that is already in their possession.
Yesterday saw the launch of the ‘Solicitors’ Tax Campaign and any Solicitors with undeclared income have until 9 March 2015 to tell HMRC that they wish to take part in the campaign and then until 9 June 2015 to pay any tax due. Coming forward voluntarily should result in much lower penalties being imposed compared to if no declaration is made and HMRC have to take the lead.
If you have any queries regarding HMRC’s most recent campaign get in touch with one of our Tax Specialists on 01228 711888. They will be happy to talk through any queries you may have.