In another “intelligence-led” disclosure opportunity, HMRC is giving solicitors who may have undeclared income or gains a disclosure opportunity to come forward and put their tax affairs in order under the newly launched Solicitors Tax Campaign. Guidance to assist in making a disclosure has also been published together with the relevant disclosure and notification forms.

Solicitors have until 9 March 2015 to tell HMRC that they would like to take part in the campaign, and until 9 June 2015 to disclose the tax they owe and pay it.

By using this campaign to come forward voluntarily, any penalties will be lower than if HMRC has to approach the solicitor first. The penalty would normally be between 0% and 20%, depending on circumstances. Solicitors who do not come forward but are found to have unpaid tax liabilities will face higher penalties, rising to 100% of the tax unpaid or, possibly, criminal investigation. Penalties for offshore-related income can be up to 200%. Online tools are available to help work out how much is owed.