The deadline for solicitor’s participating in the HMRC Solicitor’s Tax Campaign has passed. Solicitors had until 9 June 2015 to tell HMRC about any undeclared income and pay the tax they owe.

By taking this chance to come forward voluntarily, any penalties will be lower than if HMRC has to investigate their tax affairs. 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%.

The Solicitors’ Tax Campaign, launched in December last year, is the latest voluntary disclosure opportunity for specific groups of taxpayers to get their tax affairs in order on the best available terms.