Accountants to help design new tax disclosure facility

Posted by AccountingWEB PM | on Tue, 11/11/2008 - 19:42 2178 3 comments

There have been rumours that HMRC will shortly be launching Offshore Disclosure Facility (ODF) Mark II, on similar terms to the previous ODF. This plan has been widely criticised; why should disclosure second time around be on the same terms as the first?

It is now confirmed that a new ODF is forthcoming – to allow the facility of voluntary disclosure to the customers of a new tranche of financial institutions.

Continued...

HMRC should take a hard line approach

kevinringer | Mon, 24/11/2008 - 11:53 | Permalink

Simon, because they haven’t taken action against the 5000 who registered and failed to disclose – they’ve simply written to them (http://www.computing.co.uk/accountancyage/analysis/2228306/taxman-second-bite-offshore-4284812). I accept that some of those who registered may well have subsequently realised they have nothing to declare, but I suspect the majority simply chose to put their heads in the sand. I accept HMRC have launched 12000 enquiries so far and intend to launch many more. But the total planned is far short of the total numbers suspected. I feel HMRC should take a hard line approach – they shouldn’t be offering a second amnesty.

failure ?

AnonymousUser | Wed, 19/11/2008 - 14:29 | Permalink

Kevin - what makes you think HMRC is not pursuing those who failed to disclose ? My understanding is that they are tackling the big ones first and there are prosecutions pending.

What do you think about HMRC's failure to enforce compliance?

kevinringer | Tue, 18/11/2008 - 13:52 | Permalink

I think that HMRC have made a blunder by not pursuing those who failed to disclose. If someone didn't disclose first time round, are they going to bother second time round? As agents many of us persuaded clients to disclose - and I am sure some of us will have suffered damage to our professional relationships as a result of HMRC not taking this further.