People with UK tax returns can also take advantage of the amnesty issued by HM Revenue & Customs and avoid hefty penalties, according to financial planning firm Barnett Ravenscroft.
The HMRC amnesty, the deadline for which is Friday, has been set up for offshore account holders to declare their intention to declare tax owed.
But Philip Barnett, senior partner at Barnett Ravenscroft says that despite this month’s deadline, people actually have until November to pay any owed tax and, until then, the penalty rate will be capped at 10%.
He says: “You will actually have until 26 November to make the payment of tax owed – together with any interest and penalties due.
“And whilst you will still be penalised for any tax that you owe, the penalty rate will be capped at 10% of money owed, as opposed to a normal fine which can be as high as 100%.
“However, if the figure that you have failed to declare is below £2,500 there will be no fine, but the details will still need to issued to HMRC.
“I would urge anyone that is unsure of their personal situation to seek immediate professional financial advice, to benefit from the amnesty if relevant.”
A disclosure website has been set up by HMRC and further details may be found at www.hmrc.gov.uk
But Barnett says it cannot be used if individuals have undeclared gains from other sources, where they should contact their local tax office.
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