Own up to offshore accounts now
HM Revenue & Customs (HMRC) is encouraging investors to disclose any money hidden in overseas accounts now before the serious crackdown on tax dodgers starts on July 9th.Taxpayers will be given a 16-day reprieve after the deadline for declaration of intention to disclose on the June 22nd but thereafter there will be no mercy for those who intentionally hide their taxable accounts.Steve Besford, head of tax investigations at Chiltern said: "July 9th is the first date on which the Revenue can be assured that all notifications have been processed and the appropriate 'no enquiry' signal posted to the taxpayer's computer record." He warned: "If additional tax is found to be due as a result of these enquiries, the Revenue will seek considerably higher penalties than the 10 per cent on offer under the amnesty and may even launch criminal investigations."HMRC has already 'risk assessed' the offshore account information it currently has and any dodgy-looking cases will be passed on to local offices, civil investigation of fraud offices and special civil investigation offices for investigation after July 9th.
Share this..
Related stories
Is Europe becoming a vital subject for the next election?
Today's news that European Union leaders are looking to oversee all EU member country budget deficits is causing concern within political circles. Despite the fact that the UK government has denied that the proposed changes to the European Union set up, which would see the introduction of a new "economic government of the EU", would not apply to the UK because it has not adopted the euro, there ar...
Read MoreIs Stephen Hester overpaid?
Stephen Hester, the government appointed chief executive of Royal Bank of Scotland, is taking part in a Commons enquiry into the UK banking sector and in particular bonuses paid by Royal Bank of Scotland and Northern Rock. During his input to the enquiry Stephen Hester has admitted that his parents think his package at Royal Bank of Scotland is over the top and he is overpaid. However, while St...
Read MoreMore UK companies seeking to move overseas
With news that Informa, the publishing giant in the UK, has decided to move to Switzerland to avoid "double taxation" introduced by Alistair Darling on overseas earnings, it would appear that moves to tighten the UK tax regulations on overseas earnings have backfired. At a time when the UK government is in desperate need of funds the decision to squeeze as much income as possible in the short to m...
Read MoreWhy do pyramid schemes attract so many investors?
Amid allegations that Allen Stanford was involved in a $7 billion pyramid scheme many people are now looking and wondering how so many investors have become involved in pyramid schemes throughout the years. These are basically investment schemes which use new money rolling into the scheme to pay income and capital to existing investors with the middlemen in between taking a slice of the income. So...
Read MoreUS authorities target AIG bonus recipients
It has been revealed that the US Congress is soon to implement legislation which is purely aimed at clawing back as much of the $165 million in bonuses paid to AIG employees that came from taxpayer funds. There has been a significant backlash by politicians and the public with regards to the government's role in the bonus scheme. As a consequence the US Congress has now voted in favour of a tax sc...
Read More