Offshore Tax Amnesty
Tax Update - Offshore Accounts Amnesty
The UK tax authorities have announced a tax amnesty for holders of offshore bank accounts. They must notify the authorities by 22 June 2007 and make a full disclosure by 26 November 2007.
How do they know who's got one?
The courts required the banks to tell them. Five major banks passed names of offshore account holders to HM Revenue and Customs, and the other banks are likely to follow.
What does this mean for you?
If you hold an offshore account and think tax may be owed, act now for big savings or risk a full investigation. If you think this applies to you, please get in touch with us, and we can then review your status and adopt a strategy right for you.
NHS Associates - Tax Issues
The Times reported over the weekend the supposed change in tax position for NHS associates. The information provided in the article makes interesting reading but it is not unexpected. Obviously we need to clarify the details and understand further the Treasury's position on this, but if it is true this could have a major impact on NHS practices and associates.
We will naturally look into further details about the matter, but if you wish to read the full article visit http://www.timesonline.co.uk/tol/business/industry_sectors/health/article1848325.ece.
If you have any questions please get in touch with us.
Arun Mehra ACA
"Helping Dentists Build Better Businesses"