Deadline approaching for businesses to declare offshore funds

THE deadline for businesses to declare offshore funds is approaching.

Accountants and business advisory firm Grant Thornton is reminding the Yorkshire business community of the forthcoming deadline.

Those with offshore accounts have until November 30 to inform HM Revenue & Customs (HMRC) of their intention to disclose their tax affairs under the New Disclosure Opportunity (NDO) or face a penalty.

Offshore account holders making disclosures before the deadline will face a fixed penalty of 10% of the tax owed unless they were offered an amnesty as part of the 2007 Offshore Disclosure Facility (ODF), in which case they will receive a 20% fixed penalty.

Suzy Harris-Milnes, senior tax manager at Grant Thornton‘s Sheffield office, said: “Taxpayers who fear they have undisclosed liabilities have very little time to inform HMRC of their intention to take advantage of the terms set out in the NDO.

“Whatever the reasons for not disclosing previously, potential disclosures are advised to come forward sooner rather than later.”

After registration the submission deadline for full paper disclosures is January 31, and March 12 for online disclosures.

Grant Thornton’s Sheffield office on Bramall Lane is hosting a live tax debate at 7.30am on November 20 to find out how Sheffield businesses would like the tax system to work. To register email katie.smith@gtuk.com