HM Revenue and Customs have recently published some of the key points of the New Disclosure Opportunity (NDO).

Why act now?
The chances are if you are reading this you may be concerned about holding an offshore bank account and whether this will be disclosed to HMRC.

We are:
* Discrete
* Experts in the field
* Affordable.

What should I do now?
Contact us today for a confidential, no cost conversation or call our confidential 24 hour helpline on 0844 736 0339.
Contact: Gary Ashford: Mobile 07748 152 007
Contact: Gary Brothers: Mobile: 07714 430 603

Details
HMRC have won rulings to issue formal production orders against 308 financial institutions in the UK requiring them to provide HMRC with the names and addresses of UK customers with offshore bank accounts and credit cards.
On 1 September 2009 HM Revenue and Customs introduced the New Disclosure Opportunity (NDO). HMRC have also announced a separate disclosure facility for holders of accounts and assets in Liechtenstein see Liechtenstein Disclosure Facility (LDF).

Dates

Notification
Paper 1 September 2009 to 4 January 2010
On Line 1 October 2009 to 4 January 2010

Disclosure
Paper 1 September 2009 to 31 January 2010
On Line 1 October 2009 to 12 March 2010

You Pay - Tax, Interest and a Fixed Penalty
Period Covered - 20 years to 5 April 2008

Fixed Penalty
* No penalty where tax is under £1,000
* 10% where you did not have the opportunity to disclose under the offshore disclosure
* 20% where you had the opportunity under the offshore disclose facility see Who was made aware of the previous disclosure facility 

Who does this relate to?
The NDO is open to any person (an individual, company, trust, etc) that may have a UK tax liability linked directly or indirectly to an overseas bank account or asset. IT IS NOT JUST FOR OVERSEAS MATTERS, providing the previous category is met it can be used to sort out all your UK affairs at the same time.

What if you cannot pay?
There is scope to discuss with HMRC how you propose to settle the debt if you do not have the funds to settle straightaway.
You will have to demonstrate your financial commitments as part of this process.

Examples
IVC's Head of Tax Risk and Dispute Management, Gary Ashford is also the Chairman of the Chartered Institute of Taxation's (CIOT's) Management of Taxes Technical sub committee. Gary was the CIOT's lead representative in developing the New Disclosure Opportunity alongside HMRC Policy Advisers and therefore has a unique understanding of the NDO.
Acting now means you will be rewarded for putting your affairs in order. As HMRC increasingly target individuals and business by way of their Tax Risk this will be increasingly advantageous.
We are also ideally placed to advise you whether you should use the NDO or any other of HMRC’s disclosure facilities, to give you absolute security and financial certainty. We will handle our discussions with you sensitively and confidentially to allow you to make an informed decision about how and where to make your disclosure.

How can we help you?
The team is made of ex - HMRC investigators and Chartered Tax Advisers and we have many years experience helping people make disclosures to HMRC and have a long track record of getting very favourable outcomes. Our experience places us as experts for assisting with disclosures under the New Disclosure Opportunity or the Liechtenstein disclosure facility.