Offshore tax dodgers are being warned they have one final chance to come clean, or face the consequences, in a YouTube video posted by HM Revenue & Customs (HMRC).

In the two-minute video, Dave Hartnett, HMRC’s Permanent Secretary for Tax, warns that anyone with undeclared offshore bank accounts who doesn’t come forward under HMRC’s New Disclosure Opportunity (NDO) will face much higher penalties and even criminal prosecution.

Dave Hartnett says:

“For some people, offshore bank accounts and tax havens typically conjure up images of exotic and far away places, well out of the reach of the taxman at home. Well, life’s just not … Continue Reading

HMRC has confirmed that its offshore disclosure scheme will go online from 1 October, making it easier to settle unpaid offshore tax on beneficial terms.The New Disclosure Opportunity (NDO) enables those with unpaid taxes arising from offshore accounts or assets, to disclose them and settle any tax liabilities at a guaranteed fixed penalty rate that for most people will be 10%.

Dave Hartnett, HMRC Permanent Secretary for Tax, said:

“We want to make it as easy as possible to come forward, make a full disclosure and benefit from the limited penalty. The NDO is already a straightforward process and our new web … Continue Reading

In a new podcast released yesterday, HMRC’s Permanent Secretary for Tax, Dave Hartnett, has warned that anyone with undeclared offshore tax liabilities who fails to come forward under the New Disclosure Opportunity (NDO) faces an increased risk of prosecution.

Under the NDO, anyone who makes a complete and accurate disclosure of their untaxed offshore liabilities between 1st September and 12th March 2010 will have any penalty capped at 10%, or 20% if they failed to take up a written offer of a capped penalty under HMRC’s 2007 Offshore Disclosure Facility (ODF).

In the podcast, Dave Hartnett states that the penalties for … Continue Reading

The Tax Chamber of the First-tier Tribunal yesterday ordered over 300 banks to give details to HM Revenue & Customs (HMRC) about their customers who hold offshore accounts.

HMRC can now issue the information notices to banks ahead of the New Disclosure Opportunity (NDO). The NDO will allow people with unpaid taxes linked to offshore accounts or assets to settle their tax liabilities at a favourable penalty rate.

HMRC will use this information to ensure everyone pays the right tax and to check that NDO disclosures are complete.

Under the rules of the NDO, people who make a complete and accurate disclosure will … Continue Reading