HMRC new disclosure opportunity
HMRC have announced some details of the New Disclosure Opportunity (NDO) in order to encourage taxpayers to disclose an undeclared offshore account the penalty level has been set at 10%. HMRC are currently liaising with various banks to obtain details for offshore account holders.
The key points of the NDO, are as follows:
“The key messages provided by HMRC are as follows:
* The New Disclosure Opportunity (NDO) is for people with unpaid tax connected to an offshore account and will run from the autumn 2009 until March 2010. It will give the offshore account holders one final opportunity to disclose, and put their affairs in order.
* Penalty of 10% for full disclosure if no previous opportunity. Higher for full disclosure if you had the chance under previous opportunity.
* HMRC is seeking to obtain details of offshore accounts and assets from hundreds of financial institutions. This ensures HMRC will be able to pursue those who choose not to disclose tax owed as quickly as possible.
During the disclosure period, all account holders will know that HMRC has, or will soon have, their details.”
Inside this issue:
“What benefits are there for life assurance?” - Robert Ayley outlines the facts
HMRC New Disclosure Opportunity: News in from Robson & Co. Accountants
Wealth Creation Specialist - August 2009 Newsletter
The contents of
these articles represent the opinions of the
authors, and not of Professional Solutions Group
Ltd. Neither Professional Solutions Group Ltd nor
Tenet Connect Ltd. are responsible for the accuracy
of the content of the articles. These articles do
not constitute a recommendation to purchase any of
the products mentioned.
Fill in our form and activate your subscription in 15 seconds.
No obligation. No spam. No junk. Totally free three month trial of our newsletter. This registration form will go straight to Robert Ayley, and he will add you to the newsletter list right away. There are no other steps, and we won’t do annoying things like email you every day, sell your email address to someone else or ask for credit card details after the trial expires - simply ask us to continue. Enjoy!How much you should be paying? Do you know what you are getting when you pay for life assurance?
Life insurance has seen a price war between providers over the last few years with premiums falling; in some cases quite dramatically. In my own experience, the cost of life cover has fallen by around a third in the last five years and consumers could be wasting thousands of pounds by not reviewing their policies.
Insurance companies, mortgage lenders and banks typically provide life insurance but it is a good idea to shop around rather than just go with the first product you’re offered. Financial advisers can arrange life insurance and can do the shopping around for you if they are independent.
Many people take out insurance with their bank or mortgage provider and this is often a mistake as they are usually very expensive products that do not offer the same level of cover that can be found on the wider market.
Additional benefits might include critical illness cover or waiver of premiums. Critical illness pays out a lump sum if you are diagnosed with any of a number of serious health conditions. Waiver of premiums means your premiums are paid for you if you are unable to work for health reasons.
How much life insurance costs will depend on a number of factors including how much cover you want, how long you want it for, your gender, occupation, and health.
“Do you smoke?" is one of the first questions that an insurer will ask a new client, as a smoker will pay considerably higher premiums than a non-smoker. For insurance purposes, you must have sopped smoking for at least 12 months to be classified as a non-smoker. At that point, you should speak to an adviser to see if they can ‘re-broke’ your policy for you at a cheaper premium.
Life insurance premiums can be either guaranteed or reviewable. Guaranteed premiums stay the same all the time you are paying them but with reviewable premiums you agree that the company can review your policy (and increase your premiums) at set intervals. Initially reviewable premiums work out cheaper but they are likely to be increased over time meaning the overall cost will end up being more than it would be with guaranteed premiums.
GET THOSE PREMIUMS CHECKED TODAY!