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Any Brit tax dodgers out there????

Any Brit tax dodgers out there????

Old Aug 28th 2009, 6:31 am
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Default Any Brit tax dodgers out there????

Details of Tax Amnesty Announced


HM Revenue and Customs (HMRC) has announced further details of its new amnesty for those with undeclared offshore income.

The New Disclosure Opportunity (NDO) will run from 1st September 2009 until 12th March 2010. However anyone wanting to make a disclosure must register their intent to do so before 30th November 2009.

The penalty for those who disclose and settle all outstanding amounts (tax and interest) will be calculated at 10% of the unpaid tax. If an individual received a letter from HMRC or their bank about the original Offshore Disclosure Facility in 2007, then the penalty will rise to 20%.

This is the final opportunity to settle any unpaid tax in exchange for a more lenient penalty. Those who choose not to take this opportunity and who are subsequently found to have undeclared liability will be more likely to face a higher penalty fine (likely to be 30% or more) and an increased risk of criminal prosecution.

It is therefore a good time to review any uncertainties relating to offshore accounts and structures. Should you have any queries regarding the amnesty, please get in touch.
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Old Aug 28th 2009, 11:17 am
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Default Re: Any Brit tax dodgers out there????

...yeh and Michael Jackson is still alive and well.
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Old Aug 28th 2009, 11:35 am
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Default Re: Any Brit tax dodgers out there????

Originally Posted by Shadya View Post
...yeh and Michael Jackson is still alive and well.
As you wish......................actually it came from one of the UK's oldest tax advisors. Maybe some good info after all?
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Old Aug 28th 2009, 1:46 pm
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Default Re: Any Brit tax dodgers out there????

Possibly some tax avoiders but not tax evaders...the former legitimate the latter not so. Some are tax exiles, but that lies withn the former category.
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Old Aug 28th 2009, 2:11 pm
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Default Re: Any Brit tax dodgers out there????

Originally Posted by Jim Smith View Post
Details of Tax Amnesty Announced


HM Revenue and Customs (HMRC) has announced further details of its new amnesty for those with undeclared offshore income.

The New Disclosure Opportunity (NDO) will run from 1st September 2009 until 12th March 2010. However anyone wanting to make a disclosure must register their intent to do so before 30th November 2009.

The penalty for those who disclose and settle all outstanding amounts (tax and interest) will be calculated at 10% of the unpaid tax. If an individual received a letter from HMRC or their bank about the original Offshore Disclosure Facility in 2007, then the penalty will rise to 20%.

This is the final opportunity to settle any unpaid tax in exchange for a more lenient penalty. Those who choose not to take this opportunity and who are subsequently found to have undeclared liability will be more likely to face a higher penalty fine (likely to be 30% or more) and an increased risk of criminal prosecution.

It is therefore a good time to review any uncertainties relating to offshore accounts and structures. Should you have any queries regarding the amnesty, please get in touch.

Don't hold your breath waiting for the calls.
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Old Aug 28th 2009, 3:05 pm
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Default Re: Any Brit tax dodgers out there????

HM Revenue and Customs (HMRC) has what it's got to take what you've got !
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