Home > Legal Articles > UNDISCLOSED OFFSHORE ACCOUNTS: the tax net is closing

Topic: HMRC


  • Leanne Hathaway - Tax and Trusts
    UNDISCLOSED OFFSHORE ACCOUNTS: the tax net is closing
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      HMRC is working closely with other jurisdictions to obtain details of offshore bank accounts held by UK citizens.  The most recent announcements have been in respect of accounts in the Isle of Man, Jersey & Guernsey.  There is also a key date looming in respect of accounts held in Switzerland which, if not disclosed… Learn more

  • Leanne Hathaway - Tax and Trusts
    Don’t risk a £1,200 penalty for forgetting to file your tax return! File it now
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    Income Tax returns for the tax year to 5 April 2012 were due to be with HMRC by 31 January 2013.  This is the second tax year for which HMRC can charge significantly higher penalties for the late submission of returns, and these often cannot be appealed.   Daily penalties start to be charged on 1… Learn more

  • Leanne Hathaway - Tax and Trusts
    Inheritance Tax: Restrictions on offsetting debts
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    There was no consultation on this, but one announcement tucked away amongst the HMRC papers was a seemingly minor overview as to how certain debts will no longer be deductible for inheritance tax purposes after the Finance Bill receives Royal Assent. Per HMRC: “Legislation will be introduced in Finance Bill 2013 to amend the inheritance… Learn more

  • Leanne Hathaway - Tax and Trusts
    HMRC deadline looms for direct sellers
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    If you sell directly to customers, you have one week left to take advantage of an HMRC amnesty on missed tax payments. Until February 28th, HMRC are promising “best terms” for putting right any past discrepancies in your tax affairs, particularly if you have failed to carry out the correct calculations of the tax you… Learn more

  • Leanne Hathaway - Tax and Trusts
    Furnished Holiday Lettings: another tax break bites the dust
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    You may recall the introduction of the tax breaks available for Furnished Holiday Lets, which prompted a flurry of UK taxpayers buying rental properties in UK holiday destinations.  These favourable tax rules effectively enabled properties used for short terms holiday rentals to be eligible for the types of tax reliefs usually available only to businesses…. Learn more

  • Leanne Hathaway - Tax and Trusts
    Late filed 2010/11 Tax Returns
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     Last week the BBC reported that 300,000 people who have failed to send in their tax returns for 2010-11 may have their goods seized in payment of penalties incurred in the region of £1,300 for that year, regardless of whether any tax liability is due. Those who were issued with a tax return for 2010/11 but… Learn more

  • Leanne Hathaway - Tax and Trusts
    Will you be getting a letter from HMRC?
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    According to a BBC report this week, HMRC is sending letters to 1,500 people who are believed to have signed up to a tax avoidance scheme, but no mention was made as to what scheme this is.  As yet, the scheme has not been challenged and so we must presume that it is legal.  However,… Learn more

  • HSBC JERSEY – Account Details passed to HMRC
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    Earlier this month, HMRC confirmed that they had in their possession a list of UK resident account holders of HSBC Jersey.  Based on how HMRC dealt with a similar list from HSBC in Geneva, we expect that these account holders will be checked back to their UK Tax Returns and, if HMRC cannot trace the… Learn more

  • Leanne Hathaway - Tax and Trusts
    Missed tax returns? Now is your chance to act
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    It is pretty busy in the world of tax at the moment with the HMRC  Tax Return Initiative prompting a flurry of tax return work.  Basically, if you pay tax at the highest rates (40 and 50 per cent) but you haven’t yet completed a tax return for tax years 2009-10 or earlier you can take advantage of… Learn more

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