HMRC is making solicitors and barristers in London the focus of their next investigation into suspected tax dodging.
They believe this group represents a £3m shortfall in tax payments. The thematic investigation follows similar moves against motor traders and beauticians.
According to Mike Eland of HMRC,
“If you have paid all your taxes you have nothing to worry about. But for those deliberately evading tax, be warned that HMRC is coming after you.”
The use of such a task force to investigate solicitors and barristers in London suggests HMRC has evidence of tax dodging from this group of professionals.
If you are a professional adviser who could become the focus of this campaign, we recommend speaking to your accountant now to ensure that all of your tax affairs are in order and that your returns are up to date.
We are dedicated to providing Financial Planning and Independent Financial Advice services to Judges, Barristers, Solicitors, indeed anyone involved in the Law.
We believe that the biggest financial issue you face is finding time in your working life to plan for and achieve your financial priorities.
Our Financial Planning services put the steps in place to allow you to achieve what is most important to you in life be it early retirement, spending more time doing what you enjoy, funding private education or simply to make your money work harder; whatever it may be.
An important part of this Financial Planning is understanding the correct amount of tax to pay and deciding which, if any, tax planning strategies are appropriate. In order to achieve this, we can work closely with your accountant and other tax advisers.
Do speak to us if you would like to find out more about our LifeWealth Design service. We offer an initial meeting at our expense and without obligation.