HMRC is offering improved settlement terms to solicitors who volunteer information about any tax that they owe, offset by the threat of enhanced penalties for those who do not comply.
Taxpayers have until March 9 to declare their participation in the campaign, and then must disclose and pay their tax debts by June 9.
Caroline Addison, head of campaigns at HMRC, is quoted by the FT:
Fiona Fernie, a partner at Pinsent Masons, said:“those who make a deliberate decision not to pay the taxes due could face a penalty of 100 per cent or more of the tax due, or even a criminal prosecution.”
“I suspect they are targeting smaller, owner-managed practices where, like anywhere, there is less red tape.”In other words HMRC is going after easy to pick low hanging fruit, instead of going for large sums owed by the more powerful.
Tax does have to be taxing.
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