To take advantage of the NDO, you must:
- Notify HM Revenue & Customs (HMRC) of your intention to make a disclosure by 4 January 2010 (originally 30 November 2009).
- Make a full disclosure of all undeclared liabilities, not just those connected to an offshore account or asset.
- Disclose and make full payment of all outstanding taxes and duties, interest and penalties by 12 March 2010, if disclosing online or by 31 January 2010, if disclosing by paper.
Under NDO the penalty is fixed at 10 per cent of the taxes/duties underpaid, unless the total amount of unpaid liability is less than £1,000 in which case the penalty is zero.
However if HMRC wrote to you in 2007 pointing out the availability of the Offshore Disclosure Facility, and you did not disclose then, the penalty will be 20 per cent.
If you think you may need to disclose under the terms of the NDO, find out the best way to take advantage of the NDO.
