The process is expected to be straightforward in simple cases.
3rd September 2009, Page 27
3rd September 2009
Page 27
Page 27, 3rd September 2009
— The process is expected to be straightforward in simple cases.
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But there will be many pitfalls for the unwary, or those with complex tax affairs. A badlymanaged disclosure under the NDO can lead to higher penalties or even prosecution.
Ordinarily, a taxpayer would have to endure a lengthy investigation when their affairs are being examined by the taxman. The average duration of a typical enquiry is around 18 months.
An advantage of coming forward under the NDO is that the taxpayer will avoid that level of intrusion, and professional fees for solving the problem should be lower.
For more information: vww.hmrc.gov.uk