• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Tax Man going to be busy!

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Tax Man going to be busy!

    Might be a good time to push the envelope

    It was supposed to have been a bonanza for the government.
    HM Revenue & Customs (HMRC) had offered some 400,000 people holding money in offshore bank accounts the chance to own up to the tax they owe.
    But to date, the bid seems to have fallen flat.
    Three days before a 22 June deadline, just 25,000 people have come forward to take advantage of the partial amnesty offered by HMRC on offshore accounts less than 7% of those who could.
    We will see a lot of tax investigations, hundreds of thousands possibly

    That means the Treasury could be missing out on hundreds of millions - if not billions - of pounds in tax.

    And offshore account holders could be putting themselves at risk of severe penalties.

    "The HMRC has these peoples' names and account numbers. They have been warned by their bank and the HMRC."
    "The HMRC is going to be disappointed in this response.
    "We will see a lot of tax investigations, hundreds of thousands possibly. The HMRC may have to take on more staff to cope with the workload."
    High-profile people - celebrities, for instance - who have money offshore may be amongst the first to feel their collar felt by the taxman, Mr Huston believes.

    "Usually, the vast majority of cases are settled without prosecution but the HMRC will want to put a message out there," he says.
    Ultimately, this will detract from the service the HMRC gives the public

    According to Mike Warburton, senior tax partner at accountancy firm Grant Thornton, the poor response to the amnesty could damage the HMRC's effectiveness.
    "The HMRC are going to have to go through with this," he says.
    "It will bung up the tax system for years to come.
    How fortunate for governments that the people they administer don't think

    #2
    wouldn't worry. Whenever I've dealt with HMRC, they've fouled it up about a 1/4 the time.

    Comment


      #3
      Oh dear
      +50 Xeno Geek Points
      Come back Toolpusher, scotspine, Voodooflux. Pogle
      As for the rest of you - DILLIGAF

      Purveyor of fine quality smut since 2005

      CUK Olympic University Challenge Champions 2010/2012

      Comment


        #4
        The pope is a tard.

        Comment


          #5
          and I've just got my tax return to worry about!
          SA says;
          Well you looked so stylish I thought you batted for the other camp - thats like the ultimate compliment!

          I couldn't imagine you ever having a hair out of place!

          n5gooner is awarded +5 Xeno Geek Points.
          (whatever these are)

          Comment


            #6
            I'm sure taking on the extra staff will make this task go so much easier for the Inland Revenue...

            So, they'll go out to the dole queue, grab a few Rochdale Swamp Donkeys and set them investigating some random celebrities finances.

            I feel some kind of reality show in the making.

            And then the court cases to follow will be an utter farce and make for a fun read in the tabloids.
            Insanity: repeating the same actions, but expecting different results.
            threadeds website, and here's my blog.

            Comment


              #7
              High-profile people - celebrities, for instance - who have money offshore may be amongst the first to feel their collar felt by the taxman, Mr Huston believes.
              yes that's what they want you to think. For every celebrity there will be 1000 little work permit people getting dragged through the coals for the sake of five hundred quid back home in Spain.

              Comment


                #8
                I have not declared £10 interest on my offshore account
                should I be worried ?

                Comment


                  #9
                  I have a similar issue with a hong kong bank account, but so little cash it's not worth their time chasing, is it?
                  "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

                  Comment


                    #10
                    Not that I have an offshore bank account, but, is this amnesty for any UK resident who has an offshore account anywhere in the world, or just for those who's off-shoring arrangements fall within the jurisdiction of the EU/Switzerland/dependent territories?

                    Older and ...well, just older!!

                    Comment

                    Working...
                    X