Year End Tax Review 2010/2011


Lead articles

Looking forward

This year, next year

Rate of change

Pension merry-go-round


Too much NIC

NIC and pensions

Company cars

Tax-free benefits

Childcare vouchers

Business - General

Time to incorporate?

Associated or not?

His and hers

Family bonus

Profit and loss

Show me the money

Can't pay, won't pay?

Turning back the clock

Business - VAT

Standard VAT or flat VAT?

VAT's up again

All Europeans now

A good start for VAT

Happy returns?


Top-up savings

Rainy day money

Capital Gains

Gains favoured

Splitting gains

A place in the country

Holiday lets reprieved


Family fortunes

Where there's a Will

Credits and debits

Benefit going

Piggy banks

Still trustworthy?


Penalty shoot-out

Going online

Paperwork, paperwork

Pay tax later

Opportunity knocks again


Give and save

Non-Domiciled People

Home and away


Interesting times

Opportunity knocks again

In 2007, the taxman offered a "disclosure facility" to people who had undeclared income or gains in offshore accounts. This was prompted by HMRC obtaining lists of people who had offshore accounts with the high street banks, and finding that there were far more of them than declared foreign income on their tax returns. If people came forward then to pay the outstanding tax and interest on it, they were offered only a 10% penalty instead of the potential maximum 100%. The implication was that they would then come looking for everyone else and impose higher penalties.

A second "disclosure opportunity" ended in March 2010. There remains open a special deal for people who have some investments in Liechtenstein the "Liechtenstein Disclosure Facility" is planned to run until 2015. Anyone who fails to take advantage this time can expect a higher penalty if they are discovered later by HMRC however, it seems that the barman in the last chance saloon keeps calling "last orders".

Action Point!
Do you have any offshore bank accounts? If you do, are you sure that everything that should be declared has been declared?