Last chance for declarations to HMRC of Offshore Bank Accounts

The deadline for notifying HMRC of a previously undeclared offshore bank account under the New Disclosure Opportunity (NDO) ends on 30 November 2009. Any disclosures made under the NDO will attract, in most cases, a fixed penalty of only 10% of any tax due.

HMRC has released a two-minute video warning that anyone with undeclared offshore bank accounts who doesn't disclose them under the NDO will face much higher penalties and possibly criminal prosecution.

Offshore bank accounts include those held in the Channel Islands and the Isle of Man.
The HMRC video can be viewed using the following link:

http://www.youtube.com/watch?v=a7qb8Y8RvE0

If you think that you may need to make a disclosure please contact John Davies, our specialist on Revenue enquiries, to discuss it in the first instance.