Nick Tagg is a Director of Taxation Services at Wisteria Chartered Accountants, Tax & Business Advisors, based in North London. He overseas all tax compliance and advisory matters, dealing with personal taxes, corporation tax, employment taxes and VAT. Nick is a chartered tax adviser and member of the Association of Tax Technicians.
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I agree - but in part
Speaking about this subject on courses this week it is clear that many accountants are not fully aware of the issues. I know that many small practices consider themselves and their clients as outside this area, but it is surprising just who does have undeclared monies offshore. I do think that HMRC need to publicise this more widely and even do some scary tactics on radio or TV but I don't think it is reasonable to expect them to write to every potentially affected taxpayer. The resources just aren't there - that's the reason for the NDO - to reduce work and allow people to come forward. I'm writing to all my clients (whoever they are and whatever their income) to make this clear.
As an illustration I had a client of very modest means who I would not have put in the "offshore set" but she inherited money from her dad which was offshore. She assumed that she wasn't taxable on the interest but luckily I picked up the point - even though the funds never came ashore. She was not a typical offshore account holder, but it made me realise there is no such thing - just as there is no such thing as a typical drug dealer etc..