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Welcome to this monthly Accounting News bulletin from DG Accountancy Services (http://www.businessbods.co.uk) bringing Small Business' news and information from the business world, as it happens!

 

 

Wednesday, 8 July 2009

Revenue tax campaign ‘to target undeclared UK income’

HM Revenue and Customs (HMRC) may extend its offshore tax campaign to target funds hidden in the UK as well, according to recent reports.

The New Disclosure Opportunity (NDO), which was announced in this year’s Budget, aims to encourage taxpayers with offshore accounts to come forward with details of any undeclared income. However, HMRC has confirmed it will also pursue untaxed funds hidden in the UK.

As an incentive, taxpayers will incur a limited penalty of just 10% of their unpaid tax, rather than the full 100%.

‘They will only receive beneficial terms if they make a full disclosure and if that includes other non-offshore funds, then the terms of the new disclosure opportunity will apply to the other funds as well,’ said a Revenue spokesperson.

The NDO will run from the Autumn until April 2010.

We can help you with all your tax and financial planning needs. Please contact us for further assistance.

posted by BusinessBods.co.uk @ 11:15


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D G Accountancy Services is a trading name of Business Bods Ltd. Registered Office: 31 Harley Street, London W1G 9QS
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