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Solicitors disclosure
Newsletter issue - January 2015
As a qualified solicitor you need to be very careful not to make mistakes on your tax returns, as a tax investigation could do serious harm to your professional reputation. Taxpayers who make deliberate errors that lead to tax underpayments of £25,000 or more, may have the details of their name, address, amount of tax avoided and penalties paid, published on the internet by HMRC.
HMRC are currently targeting solicitors who have omitted income from their tax returns, and at the same time are offering a chance for solicitors to disclose any errors before they receive the call from HMRC.
This disclosure opportunity is open to solicitors who work within the legal profession as a partner or employee in a legal firm, or within a company. HMRC has promised that it will not publish the details of solicitors using this disclosure campaign. However, to secure this confidentially guarantee the taxpayer must make an accurate disclosure, and co-operate fully with HMRC if asked to supply any further information following the disclosure.
You can make a disclosure in respect of your own tax return, or in respect of a tax return for a company or deceased person's estate for which you act as director or executor. If you want to make a disclosure you must first notify HMRC by 9 March 2015, then make a full disclosure and pay all tax, interest and penalties due by 9 June 2015. We can help you with those disclosures and the calculations of tax due.
What our clients say about us...
"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
"Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"
Lee Westrap MBCS - Director - Bulldog IT Services
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