Its Solicitors’ Tax Campaign is the latest voluntary disclosure opportunity giving specific groups of taxpayers – in this case, the legal profession – the chance to get their tax affairs in order on the best terms available. Solicitors can take part in the campaign by:
- telling HMRC they want to take part in the campaign by 9 March 2015;
- disclosing details and paying what they owe to HMRC by 9 June 2015.
Those who voluntarily make a disclosure are likely to face lower penalties than those who do not make voluntary disclosures through the campaign, but are subsequently found to owe money. The Law Society has recently published a practice note for self-employed solicitors on keeping their tax affairs in order.