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New Offshore Disclosure (NDO)
HMRC is currently offering a final opportunity for taxpayers with offshore bank accounts or assets that have not previously been shown on their tax returns.
This disclosure has to be made by 30th November to benefit from the special low penalty rate of 10%. You will then have until 12 March 2010 to calculate the unpaid tax, interest and penalty and make a payment to HMRC
HMRC currently estimates that 100,000 bank customers risk being targeted as preparations are being made for the biggest ever crackdown on untaxed income held in offshore bank accounts.
It is likely that the starting point for non-disclosure will be a 30% penalty and an increased risk of criminal prosecution.
For more information please contact our Tax Director Mark Hook on 0116 282 7000 or by email: mark@rowleys.biz