Offshore account holders have only hours left to take advantage of the
amnesty guaranteeing a penalty of only 10% to reveal hitherto undisclosed
investments to the taxman.
HMRC issued a New Year message drawing attention to today’s [Mon Jan 4]
deadline for the New Disclosure Opportunity scheme and warn tomorrow [Tues 5
Jan] will be too late.
The Final Warning said notice of intent can be made online at
https://ndo.hmrc.gov.uk/ndo with full disclosure on paper by 31 January, or
online by 12 March, adding that 300 banks in the UK have been sent formal
demands for information and investigations will begin on Wednesday [5 March]
with penalties of up to 100% and the possibility of prosecution.
Financial Secretary Stephen Timms said: “The use of offshore accounts to
evade UK tax is illegal. It deprives the UK of tax revenues to fund essential
public services and is unfair to the vast majority of honest taxpayers who pay
what they should.”
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more