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Dec 4, 2009
New Offshore Disclosure Opportunity (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.
HMRC have extended the deadline to 4 January 2010. 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 crackdown ever 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 out Tax Director Mark Hook on 0116 282 7000 or by email: mark@rowleys.biz