News
01/12/2009
HMRC announced at the end of last week that the deadline for registration under the New Disclosure Opportunity (NDO) would be extended to 4 January 2010. HMRC also indicated that it is currently receiving information from over 300 banks under third party information notices issued earlier this year. Originally taxpayers had until 30 November to register
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09/10/2009
Two recently published articles discussed the current level of understanding surrounding IR35. The first, an article by AccountingWeb, revealed details of a survey* which had assessed the level of knowledge of IR35 among high street accountants to be ‘very vague’ and stated that ‘many accountants lack detailed knowledge about IR35
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23/09/2009
The US Internal Revenue Service recently announced an extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until 15 October 2009. Under special provisions issued in March, taxpayers with these hidden accounts originally had until 23 September 2009 to come
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22/09/2009
Coutts, often referred to as the "Queen's Bank" by virtue of it being reputed to be the bankers to the British Royal Family has been caught operating an unlawful £1 billion tax avoidance scheme for some of its wealthiest clients. In brief, the scam centred on a Swiss-based investment trust (Castle Trust) that made a deliberate loss.
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15/09/2009
There has been considerable press coverage recently about two schemes which allow UK tax payers opportunities to disclose previously undeclared income to UK authorities. Both schemes offer an opportunity to settle unpaid tax on undeclared income while offering favourable penalty rates for overdue tax. Anyone who may be concerned by either of these opportunities
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