Disclosure to the tax man

In the United Kingdom and the United States, the current fashionable trend, in the credit crunch, is for the tax man to offer amnesty – Typically reveal your offshore accounts and only pay a 10% fixed penalty.

As so often the devil is in the detail. and the small print.

A 10% fixed penalty is attractive, but the decision is not one to be taken lightly or quickly.

Think:

1. Is everything you are disclosing complete and accurate?

2. Does it include all offshore assets, and all unpaid taxes and duties over the last 20 years, on or offshore?

3. Has there been “serious fraud”.

4. Are there any other offences? If for example you have a problem that in that the funds came from drug dealing, illegal imports, VAT carousels, prostitution, illegal mini-cabbing, unlicensed waste disposal, unauthorised asbestos removal or money laundering, the tax man is not going to go with the 10% offer, or even if he does, you could well be prosecuted for these other offences, as the tax man will pass the details onto other investigating and prosecution authorities.

Your solicitor may have to “shop you” under money laundering regulations.

Be slow to put your hand up. Talk to Hylton-Potts in strict confidence 020 7391 8111