Taxation: Last day to file on-line UK / Offshore Account disclosure and pay any tax due

HM Revenue & Customs (HMRC) a final opportunity for those with an offshore account or asset and tax to pay to come forward and put their affairs in order. In the brave new world that is NuLabor, it's got a name and even a TLA. "New Disclosure Opportunity" or NDO.

HMRC demanded details of accounts from some 300 financial institutions- the financial institutions panicked and sent details even when they should not have done leading to many people who had already agreed a non-resident tax status with HMRC finding themselves trapped in a system which had no box to tick saying "I am non-resident for tax purposes therefore this scheme has no application to me." And HMRC, of course, didn't bother to cross-reference the information they got from banks against their own non-resident list. The HMRC helpline's solution did not inspire confidence: we are aware of two people who phoned for guidance and were told - orally with no written confirmation - to simply ignore the demand for information - which HMRC calls a "disclosure."

That idea is particularly unattractive: HMRC's spokesman has become something of a YouTube star for his message that people had better pay up or else.

And HMRC's own website isn't much less brutal: "

HMRC is introducing NDO as the final opportunity for those account holders with tax to pay to get their affairs up to date with the benefit of a fixed penalty.

HMRC will pursue those with offshore bank accounts and undeclared tax liabilities who decide not to make a disclosure. In these cases the penalties could be up to 100% of the tax due and in exceptional circumstances criminal investigation may be considered," it says.

There are a series of "key dates" and today is the last one.

"Key Dates

Notify your intention of disclosure by 04 January 2010.

Submit your disclosure using the paper forms by 31 January 2010.

Submit your disclosure online by 12 March 2010.

Make full payment with your disclosure."

You've been warned.