The Solicitors Tax Campaign (STC) was aimed at solicitors: it ran out on 9 March 2015.
Whether working on your own or as a partner in law firms, HMRC invites you to catch up on your tax affairs and make disclosure of any undeclared income.
- The attraction in using a disclosure opportunity to declare income is that penalties are lower than would otherwise be applied. Penalties range from 10% to 20%.
- The disadvantage of failing to use this campaign is that if you are caught under-declaring income HMRC will apply the highest level of penalties, these may be up to 200% in cases involving concealment of offshore income or gains.
Under the terms of the disclosure opportunity, solicitors must:
- Notify HMRC of their intention to use the scheme by 9 March 2015, and
- Pay any outstanding tax by 9 June 2015.
Further details and a tax calculator can be found here: HMRC Solicitors Tax Campaign
