Member Article

Haines Watts warns solicitors of HMRC’s targeted approach

As part of HM Revenue & Customs’ on-going tax crackdown, solicitors are the latest group of professionals to be targeted.

Leading tax specialist at Haines Watts Liverpool Des Veney has issued a stark warning to solicitors who are not fully tax compliant, to get their finances in order immediately.

To help professionals bring their tax affairs up to date, HMRC has set up a disclosure opportunity known as the Solicitors Tax Campaign. Those who come forward at an early stage will face reduced penalties and fines as a result of their cooperation.

Des said: “HMRC is continuously adopting a stricter approach on tax evading professionals - therefore it is important that the individuals make themselves known to the government department before they are vigorously tracked and penalised.

“Solicitors who cooperate at an early stage will only have to pay no more than 20% of the tax owed - whereas those who do not disclose the relevant information could face a penalty of 100% of the tax due, or even criminal prosecution.“

Solicitors have until March 9, 2015 to inform HMRC that they would like to participate in the Solicitors Tax Campaign. They will then have until June 9 to disclose the tax due and pay the total sum.

Des added: “This campaign follows the success of previous HMRC campaigns that targeted business and medical professionals. Having effectively prosecuted professionals from a wide range of sectors, such individuals have been left with their reputation in tatters and many business relationships have been highly comprised.

“Therefore, to save both money and their professional status, my advice to solicitors who are not fully tax compliant, is to book an appointment with one of our tax specialist as soon as possible.“

For more information about Haines Watts visit www.hwca.com/accountants-liverpool or call 0151 227 3463.

This was posted in Bdaily's Members' News section by Jack Woods .