Legal beagles in the capital are next in the cross hairs, as HMRC sets up a new taskforce to examine the tax records of London lawyers: according to a report in today’s Financial Times, by Vanessa Houlder.
The taxman aims to collect an extra £3m from the legal professionals in a short intensive burst of tax investigations. Teams of Tax Inspectors will visit solicitors’ premises to examine records and documents.
HMRC Taskforces are specialist teams that carry out intensive bursts of tax compliance checks in specific trade sectors and locations across the UK: focussing on areas that the taxmen see as particularly “high risk” in terms of tax evasion. The taskforces bring together various HMRC compliance and enforcement teams, and typically target up to 300 of the highest-risk cases in a particular sector and location.
Taskforces were launched last year. Previous taskforces have looked at various traders. This is the first taskforce to focus on professionals.
What does this mean for me?
Taskforces are primarily aiming for a short, sharp burst of current compliance activity designed at bringing in extra revenue quickly. In other words they are civil investigations. However, HMRC’s prosecution policy has always emphasised that they are far more likely to prosecute professionals than other categories of taxpayers. If your practice is chosen for a task force investigation you may need specialist help.
If you are undergoing a tax investigation or a compliance check then specialist help from Lynam Tax Enquiry Experts could save your blushes and your business. Plus, our massive experience will almost certainly save you tax and penalties as well.
*For a free, confidential chat about your tax affairs, don’t delay, call Paul Lynam now on 0845 643 9997.