Banks must disclose 'all offshore account details' to Revenue

Calculators | Accounting news blog | FAQ

DG Accountancy Services save time and money. Simple.

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, 14 October 2009

Over 300 banks and financial institutions have been ordered to pass the details of those customers who hold offshore accounts to HM Revenue & Customs (HMRC).
The legal ruling means that HMRC can now issue compulsory disclosure notices to the banks, ahead of its New Disclosure Opportunity (NDO).
The NDO offers people with unpaid taxes linked to offshore accounts or assets a final opportunity to make a complete disclosure, at favourable penalty rates. Those taxpayers who were not contacted by HMRC under the previous Offshore Disclosure Facility (ODF), in 2007, will be offered a penalty rate of 10%. Those who were contacted during the ODF but did not take advantage of the scheme will be offered a 20% penalty rate.
To use the scheme, a notification of the intention to disclose must be made to HMRC between 1 September and 30 November 2009. Those taxpayers notifying on paper can do so from 1 September to 30 November, while those notifying electronically can do so from 1 October to 30 November.

Disclosures can be then made from September 2009 to January 2010 on paper, or from October 2009 to 12 March 2010 electronically.

Once the NDO ends on 12 March, those taxpayers who have failed to come forward will be pursued by HMRC and will face penalties of between 30% and 100%, together with an increased risk of prosecution.

posted by BusinessBods.co.uk @ 06:36

Use our keyword search faciliy to hunt down exacly what you're looking for.

Use these free tools to check and plan your finances and help you make financial decisions. Find out more

DG Accountancy News monthly Accounting News bulletin bringing Small Business' news and info from the business world, as it happens! Find out more

DG answer YOUR Accounting questions. Find out more

© 2008 DG Accountancy Services PO Box 1600 CROYDON CR0 4WA England (UK)
T: +44(0) 870 777 0279 F: +44(0) 870 420 4308
© Web design and Web Marketing by Signature

D G Accountancy Services is a trading name of Business Bods Ltd. Registered Office: 31 Harley Street, London W1G 9QS
Registered in England and Wales Company No. 5279415

DG Bookkeeping services, based in Croydon Surrey (Taking care of business). DG Accountancy Services provide cost effective small business service. DG Bookkeeping Services for simple bookkeeping. DG Accountancy Services for VAT returns. DG Accountancy Services for payroll. DG Accountancy Services for CIS. Accountancy Services for sales invoicing. DG Credit Control DG National Insurance & tax rates and allowances. DG Bookkeeping Services for sales invoicing and credit control. DG Accountancy Services for taking care of business.