HMRC’s Chief Inspector of Taxes, Dave Hartnett, has made his debut on YouTube, urging UK residents with offshore bank accounts to take advantage of the New Disclosure Opportunity (aka the tax Amnesty).
The top taxman stared down from cyber space with the grim warning: “Here’s a blunt message from Revenue & Customs. Times have changed: the taxman now has more powers, and more information. If you’re a UK based investor and have offshore accounts or assets, you must declare them. If you evade tax on your offshore assets you’ll be found out and could be prosecuted.” It wasn’t quite Clint Eastwood growling “Feeling lucky – punk?!”; but Hartnett is clearly determined to drive forward his personal crusade to stop or punish offshore tax evasion within his term of office.
The NDO process is straightforward in simple cases. But there are many pitfalls for the unwary or those with more complex tax affairs. Badly managed Disclosures can have the reverse effect; leading to higher penalties a Civil Investigation of Fraud enquiry or even prosecution.
Lynam Tax Enquiry Experts have substantial experience of the first Tax Amnesty (Offshore Disclosure Facility) and are already helping a number of taxpayers and their agents with the New Disclosure Opportunity.
For a free, private, no obligation consultation, call Paul Lynam today on 0845 643 9997