HM Revenue & Customs New Disclosure Opportunity deadline of 30 November 2009

HM Revenue & Customs New Disclosure Opportunity deadline of 30 November 2009

October 29th 2009 1:45 pm

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If you hold an offshore account you should be aware that the HM Revenue and Customs (HMRC) are obtaining details from many fi ...

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If you hold an offshore account you should be aware that the HM Revenue and Customs (HMRC) are obtaining details from many financial institutions.  Therefore, anyone with an offshore account or an asset which has not been previously disclosed and undeclared tax liabilities, has been strongly advised by the HM Revenue & Customs (HMRC) to disclose this before 30 November 2009. You are required to make a disclosure of offshore accounts for up to previous 20 years. Those taking advantage of this opportunity will be able to benefit from reduced penalties which otherwise could be up to 100% of the tax due and no less than 30%. Guidance is available on HM Revenue and Customs website. If your affairs are complex then contact a tax adviser.

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