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New disclosure campaign for unpaid offshore taxes

HMRC is to launch a new campaign aimed at reclaiming the tax payable on undeclared funds kept in offshore accounts. The new offshore disclosure scheme is set to start up in the autumn.

To encourage more taxpayers to declare their liabilities voluntarily, HMRC has said that the penalty payable on so far undisclosed accounts will be limited to 10% of the unpaid tax.

Those taxpayers who have been given the chance to disclose their liabilities in a previous campaign but who did not make a declaration will face much higher penalties, ranging from 30 per cent to 100 per cent of the unpaid tax.

22 April 2009 Budget Report

Our 2009 Budget service includes an easy to navigate report covering most of the personal and business changes. Please review our Report and, where you see announcements that are of interest, do please contact us in order that we may advise you regarding your own particular situation and requirement.

Holiday home owners to lose tax benefits

Rules that allow owners who rent out holiday homes to set trading losses against their tax bills are to be dropped from April 2010. Capital allowances and capital gains benefits on furnished holiday accommodation are to be scrapped at the same time.

Homes count as holiday properties if they are furnished, are run as commercial businesses and are available for rental for a minimum of 140 days each year.

In order to qualify for the tax benefits, homes must be rented out for a minimum of 70 days annually.

More tax help for struggling businesses

Businesses that believe they will make a trading loss in the current tax year can ask HM Revenue and Customs (HMRC) to take the anticipated loss into account as part of any rescheduling of their corporation tax or income tax payments.

The measure, announced in the Budget, is designed to help viable businesses that are facing difficulties paying their tax bills.

It means that businesses will no longer have to wait for the end of their accounting period, which could be months in the future, to include the loss when working out what they have to pay.

The initiative is managed through HMRC’s Business Payment Support Service (BPSS) who can be contacted on 0845 302 1435 from 8am to 8pm Monday to Friday and from 8am to 4pm at weekends. Further information is available at: http://www.hmrc.gov.uk/budget2009/bus-payment-support-582.pdf.

Change of HMRC bank account details

From 20 April 2009 HM Revenue & Customs' (HMRC) bank account details for paying self-employed Class 2 and voluntary Class 3 National Insurance contributions have changed. You will need these new account details when making a payment to HMRC.

Revenue offers guidance on new inspection rules

From 1 April 2009, new legislation will affect the way that HM Revenue & Customs (HMRC) conducts enquiries, visits and inspections.

The changes in the law involve checks on income tax, capital gains tax, VAT, PAYE, corporation tax and the construction industry scheme.

Under the terms of the Finance Act 2008, the new laws will give HMRC the right to visit businesses in order to inspect premises, assets and records, and to ask taxpayers and third parties for more information and documents.

Tax rates and allowances

Click to view the Tax Rates Information Centre.