Amnesty deadline looming warns HMRC
Taxman sends out last chance reminder letters to those intending to pay their dues by taking advantage of the New Disclosure Opportunity
Taxman sends out last chance reminder letters to those intending to pay their dues by taking advantage of the New Disclosure Opportunity
People who have notified the Revenue about undisclosed offshore income have
less than a week left to make their disclosures online and to pay all tax,
duties, interest and penalties owed in full.
Those using the NDO will take a 10% penalty if they disclose online and pay
the full amount due, including the penalty by 12 March 2010.
To give those taking advantage of the New Disclosure Opportunity every chance
of complying, the taxman is sending reminder letters out this week.
Once the scheme’s doors are closed, those found to have undisclosed offshore
assets will be subject to full tax investigation, penalties of up to 100% and in
the most serious cases criminal prosecution, HMRC warned.
Dave Hartnett, HMRC’s permanent secretary for tax said:
“Taxpayers with offshore investments who have notified us of their intention
to disclose have done the right thing, saving themselves 90% of the potential
penalties for failing to disclose.
“They now need to follow through by making their disclosure online and paying
in full all the taxes they owe.”
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleAccountants with contractor clients must take practical steps in an attempt to fly under HMRC’s radar Read More...
View articleAre taxpayers aware of their self-assessment obligations before they come to you? In a consultation due to close shortly, HMRC is looking at whether t...
View articleATT technical officer, Emma Rawson, takes a look at HMRC’s new call for evidence which explores potential reforms to how and when individuals with pro...
View articleTax managers warn of complexities in HMRC’s WFH tax allowances Read More...
View articleHMRC has experienced an increase in its revenue due to further investigations in the year 2018/19. Read More...
View articleLast year, HMRC imposed a record £860m in penalties on individual taxpayers, up 24% from £694m in 2017/18, according to accounting group UHY Hacker Yo...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View article