Sheffield solicitors need to watch out if they have fallen behind with their tax affairs, an accountancy firm has warned.
Hart Shaw is warning solicitors that their profession is the latest to be targeted by HM Revenue and Customs as it cracks down on non-payment.
Those wishing to take part in the HMRC’s ‘voluntary tax disclosure scheme’ must notify the tax authority by next March and pay any tax that is owed by June 9.
If an individual has made a silly mistake with their tax, they will only have to pay up for a maximum of six years, whereas if somebody has hidden their non-payment it can go back up to 20 years.
Steve Vickers, a tax partner at Hart Shaw, said: “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 than individuals who bury their head in the sand.
“Penalties for anyone prosecuted by HMRC who hasn’t voluntarily disclosed could be over 100 per cent of the tax owed, so it is clear HMRC are taking a hard line with this campaign.”
Contact Steve on 0114 251 8850 or email email@example.com for advice.