Taxman offers last chance for Offshore Disclosures

HM Revenue & Customs (HMRC) announced recently details of a new disclosure initiative to allow people with unpaid taxes linked to offshore accounts or assets, to settle their tax liabilities at a favourable rate. This New Disclosure Opportunity (NCO) represents a window of opportunity for those individuals affected and will generally fix the tax-based penalties to 10% (or 20% for previous offshore offenders). Individuals wishing to take advantage of the arrangement have from the 1^st of September until the 30^th November 2009 to register for the arrangement and will then have only to the 12^th March 2010 to submit the relevant disclosures.

Fitzpatrick & Kearney have been in practice for over 50 years and are experts in dealing with the settlement of undeclared funds. Under the previous Offshore Disclosure Facility put in place by HMRC in 2007, Fitzpatrick & Kearney was one of the leading independent accountancy firms that successfully represented individuals throughout the province, in settling their offshore affairs. We have an in-house qualified team of tax specialists dealing exclusively with the settlement of offshore tax liabilities. We therefore have the staff and the expertise in place to enable you to take advantage of the new arrangement offered, and to meet the strict deadlines therein.

The head of HMRC, Dave Hartnett has stated in ominous tones that this initiative "will be the last opportunity of its kind". HMRC have vowed that once the arrangement ends, they will "track down any persons who fail to correctly pay tax due on offshore assets". Those non-complying offenders will face penalties of up to 100% of the tax due and will be considered for criminal prosecution. Whereas the previous arrangements focused primarily on the customers of the five large banks, now HMRC intends to serve notice on up to 250 financial institutions to obtain the details of individuals with offshore bank accounts and holding offshore financial products.

HMRC have not offered any immunity from prosecution even to those taxpayers taking advantage of the new arrangements. It is essential therefore that before any disclosures are made the right preparatory work is performed and the disclosures are made only after seeking suitable professional assistance. At Fitzpatrick & Kearney your case will be dealt with by the experts, who will keep you informed of the progress of your case at all times, and who will minimise your liabilities to tax, interest and penalties. We represent clients throughout the province and will meet with you at our offices in South Down or at your premises to progress your case and keep you informed at all stages.

Fitzpatrick & Kearney can allow you to put your affairs in order and take advantage of the arrangement offered. Don’t delay sorting out your tax affairs any longer! If you have offshore funds that have yet to be disclosed, we suggest you contact our offices, before the arrangement expires and HMRC contacts you.

How Fitzpatrick & Kearney can help you

• We will meet with you for an initial consultation at no cost, to discuss your situation, and outline the approach taken to avail of the New Disclosure Opportunity.

• Using our specialised qualified tax team we will ensure your disclosure is accurate and complete and fulfils all the relevant requirements to minimise your liability to tax and penalties.

• We will contact you throughout the process, keeping you advised of the status and progress of your disclosure.

• We will act on your behalf to negotiate settlement terms if required.