Following advice from their accountants to come clean, hundreds of taxpayers
with money abroad have voluntarily disclosed details of those investments to HM
Revenue & Customs.
This follows a groundbreaking tax tribunal ruling, which forced Barclays Bank
to hand over details of customers’ overseas accounts, setting a legal precedent.
The penalty for non-declaration is the tax due, plus interest, plus the
penalty, which can be up to 100% of the tax due, the FT reported.
‘Anyone who wishes to come clean should contact the Revenue before the
Revenue contacts them,’ said Reg Day, head of tax investigations at KPMG. ‘Those
who try to hide tax evasion from the Revenue could find themselves in jail for
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy