Quarterly News

HMRC invite taxpayers to own up

It's amazing how many people still believe that income from offshore accounts is not subject to UK tax!

HMRC have now received information from many banks about offshore accounts and to encourage taxpayers to declare their offshore income HMRC have announced what the newspapers are calling a 'Tax Amnesty'. The so-called 'amnesty' actually only applies to the penalty that will be charged on unpaid tax, which HMRC have promised to cap at 10% if a voluntary declaration is made before 22 June 2007. HMRC could in theory impose a 100% penalty. The tax and penalties due will need to be paid by 26 November 2007.

The penalty cap also applies to undeclared UK income if a declaration to a local HMRC office and full payment of the tax due is made by the same dates.

If you have any concerns about the disclosure facility, please contact us as soon as possible, as the timescale to take advantage of the facility is short.

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