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Declare your Income - New Disclosure Opportunity
20th July 2009
Do you have any undeclared income?
The New Disclosure Opportunity (NDO) which was announced by the Chancellor in his Budget of April 2009 - hoping to encourage taxpayers with undisclosed income from offshore investments - is due to commence in the autumn of 2009. This now gives those taxpayers a porthole to submit this information and clear any unpaid debts and duties with receiving only a small 10% penalty. If this opportunity is not used and HMRC investigate you, they are likely to penalise between 30% and 100%. Please not that the NDO can also be used to disclose any undisclosed tax debt, not just offshore ones.
Warning
The Chancellor has said he will make the NDO process as straightforward as possible, however if you do use the NDO it is important to get professional advice. We have been warned that this will be the final opportunity for anyone to step up and disclose relevant information. Those who do not may face even higher penalties (including naming and shaming as well as possibly criminal prosecution which could result in the disqualification of regulatory approvals such as FSA) in the future.
If you or one of your colleagues may be affected by this, please contact us on 020 7324 6020 to discuss further.
