For those that have missed this, sometime ago HMRC obtained information about holders of offshore accounts from a number of banks, they claim to have details on 400,000 accounts which are not being declared for tax purposes.
If you are one of those affect, especially if you are one of the circa 200,000 that HMRC wrote to then today was your last chance to submit your disclosure to HMRC.
Those affected should have initially notified HMRC of their intention to disclose by 22 June 2007.
If you are affected and you have chosen to ignore these deadlines you will now have missed your chance to take advantage of the lower penalty of 10%.
What next, HMRC will no doubt be going through their very long list and preparing to investigate those who have not come forward. These investigations will result in possible fines of up to 100% and even criminal prosecution.
No one likes paying tax, but it’s a fact of life that taxes are what run the country and pay for services such as hospitals and education.
I personally think it is a shame that those with these offshore accounts, and I am making a leap here, but I assume a lot will have a fair amount of money in them, what a shame that you aren’t prepared to pay your fair share of tax, this results in tax rates for everyone else going up, which in turn makes it harder for the smaller business who has to bare the brunt of tax hikes, like we are seeing over the next few years.
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