HMRC have announced a second amnesty period for individuals to disclose interest and gains from investments that have not previously been declared. Mainly this refers to offshore accounts, but onshore accounts are covered also.

This New Disclosure Opportunity (or NDO) will run from 1 September 2009 to 12 March 2010.

During this NDO a special, flat rate 10% penalty will apply. Usually when HMRC finds undeclared income, it means fairly heavy penalties, anything from 30% to 100%, even criminal prosecution.

During the first "amnesty" in 2007 we helped a large number of clients declare their income and pay the correct tax. Making their disclosure in good time meant in most cases a significant saving on possibly increased penalties.

We are pleased to announce that we will once again be able to help our existing or new clients make an accurate disclosure. This Offshore Disclosure service will be done on a pre-agreed fee basis, which will depend on the individual case.

If you think you may be affected by this, please contact us for a free consultation and to discuss how we can assist you.

Detailed information

• The period for making the initial notification of intent to disclose runs from
  1 September to 30 November 2009.
• If you notify by paper the dates you can do so are 1 September to 30 November 2009.
• If you notify online the dates you can do so are 1 October to 30 November 2009.
• The standard penalty during the Disclosure period is 10%. However, if your bank sent a letter during the first Offshore Disclosure Opportunity this may rise to 20%.
• The NDO closes on 12 March 2010. Individuals found subsequently to have undeclared tax liabilities will be subject to fines between 30% and 100%, and possible criminal prosecution.
• No penalties are charged where the tax liability is less than £1,000.

Managing Director Bernard Oster states:
"Individuals who need to make a disclosure would be wise to do so now as H M Revenue & Customs have indicated that this is their last chance to bring their affairs up to date without excessive penalties being imposed"

To find out more please call our offshore disclosure helpline on 0161 968 7390 between the hours of 09.00 -  17.00,  Monday to Friday.