.jpg "Time running out for solicitors to declare income to HMRC")
Solicitors who fail to pay what they owe face penalty of up to 100 per cent of tax due
Solicitors have just one week left to come clean on any undeclared income or risk facing substantial penalties, HMRC has warned.
Practitioners have until 9 June 2015 to voluntarily come forward and tell HMRC about any undeclared income, and pay the tax due. Those that do have been promised lower penalties than if HMRC has to launch an investigation into their tax affairs at a later date.
Solicitors who do not own up and pay what they owe face a stiff penalty of up to 100 per cent of the tax due, or even more if the income is held offshore.
Caroline Addison, head of campaigns at HMRC, said: 'This disclosure scheme gives ...
