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With the economy tanking and tax revenue drying up HMRC has once again set its sights on its old punching bag, overseas account holders.
With the creation of the new Offshore Co-Ordination Unit (OCU), Exchequer Secretary to the Treasury David Gauke has grandiloquently announced that “the days when untaxed income or capital could be safely salted away offshore, beyond the reaches of the taxman, are long gone”.
The unit – which is comprised of an intentionally intimidating list of experienced analysts, experts and investigators – intends to launch full investigations into 6,000 HSBC Swiss bank account holders whose information they received from whistleblowers within the Swiss banking system.
They’re attempting to flush out tax evaders and ordinary account holders alike with any distinction between the two being overlooked. The OCU are sending letters to account holders notifying them of a “window of opportunity” in which they can voluntarily settle their previous liabilities and be rewarded with a conciliatory rate, the crux being that when this window has closed they may penalise account holders with rates of up to 200% on their owed tax.
If you have received a letter from HMRC regarding a Swiss bank account or other offshore financial assets, don’t be intimidated.
Lewis Nedas & Co. together with forensic accountancy specialists Appleton Richardson & Co. are here to explain your circumstances for often it is misinterpretation and inconsistencies that land account holders like you on HMRC’s radar.
With a non-judgmental consultation we can advise you on your position as a UK taxpayer and offer correcting measures to counter often ill-informed tax schemes sold by financial advisors and accountants. In addition we can advise you on your options and guide you through all complexities so that any obstacles and concerns can be overcome and resolved.
Too often innocent taxpayers are accused of wrong doing as a result of the lines between tax efficiency and tax evasion having been blurred by over-zealous tax agencies.
Tax investigations can be stressful, time consuming, lengthy, invasive and costly. If you are unsure of your position come to us first for a legally privileged consultation.
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