Solicitors to be targeted by HMRC
Solicitors are warned that they have become the latest group of professionals to be targeted by HM Revenue & Customs (HMRC).
As the tax authority seeks to crack down on non-payment, it is increasingly looking at more professions.
Those wishing to take part in the voluntary tax disclosure scheme must notify HMRC by next March and pay any tax that is owed by 9 June 2015.
HMRC says that by doing this, individuals will have a number of guarantees, including the ability to spread tax payments over a period rather than paying in one lump sum.
If an individual has made a careless mistake with their tax, they will only pay for a maximum of six years, irrespective of how far behind the person is with their tax affairs. However, if an individual chooses not to disclose key information and HMRC finds that they are behind with their tax, it has the power to go back up to 20 years and may conduct a criminal investigation.
Previously, other sector-focused crackdowns have focused on dentists, doctors and most recently, landlords. Since 2007, these initiatives have collected nearly £600 million in tax, according to HMRC.
It is imperative that not only solicitors, but anybody who is in doubt about their tax affairs seeks advice.
Establishing a dialogue with the authorities is always looked on far more favourably by HMRC than individuals that take no action and bury their head in the sand.
For more information please contact Tim Preece at the office.
Author: Tim Preece FCCA
A former pupil at Lancaster Royal Grammar School, Tim joined Scott & Wilkinson in 1992 as a trainee after completing a degree in Maths and Economics at Leeds University and qualified as an Accountant in 1996. Tim was...
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