There is now only one week to go for clients to register under the new disclosure opportunity and benefit from the light touch penalty regime it offers.
Any client who has a bank account offshore with income which has not yet been disclosed to HMRC should register under the scheme by 30 November 2009. After that date they will face significantly higher penalties than the 10% offered under the scheme for full disclosure, and HMRC has threatened prosecution of those who fail to come forward under this opportunity.
Full details of the scheme, the penalties and how to register are on the special NDO web pages on HMRC’s website. Registration must be made by 30 November (online as the date for paper registration has now passed). The detailed disclosure, plus any tax, interest and penalties must be paid by 31 January 2010 for those intending to disclose on paper, or by 12 March 2010 for online disclosures. Full payment must also be made by that date.
The website includes detailed information about how to make a disclosure, including links to supporting data on tax rates, interest rates on tax due and penalties.
Those agents who have not yet warned clients of this have very little time left to engage!