Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

A ‘historic’ tax deal has been struck between the UK and Swiss authorities, to tax money which hasn’t been declared and is in a Swiss bank account. UK tax evaders will soon discover that hiding money in a Swiss bank account will no longer avoid paying the tax which is due.

Although some were concerned that the deal offered a reprieve to tax evaders, the Chartered Institute of Taxation said that anyone breaking the law would still face prosecution. Gary Ashford from the CIOT said:

“This is a significant agreement which opens a new chapter in tackling international tax evasion. Rightly, the net is tightening on those who think they can keep money in offshore bank accounts out of sight of the tax man.”

From 2013, tax will be deducted from the bank accounts of UK individuals by the Swiss authorities, who will then send the money to the UK treasury. The main account will be taxed at a rate of between 19 and 34 percent, which will be dependent on the length of time the account has been held. A yearly charge will be applied to accounts, which will vary according to whether the income is from dividends, interest or capital gains.

The deal is expected to earn around £5 billion for the UK treasury, with the UK also being able to seek the banking information of 500 UK taxpayers so that they can carry out further investigations. The deal has been welcomed by tax experts, who say it is time to clamp down on tax evaders in the UK.

guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.