The LDF was created between Liechtenstein and the UK in August 2009 and came into effect on the 1st of September. The LDF is currently available until March 2015. The Liechtenstein Disclosure Facility (LDF) is a mutual agreement that involves the UK and Liechtenstein tax authorities where UK tax payers who have undeclared income and who have assets that are in Liechtenstein, are able to make a disclosure of the above in return for a reduced penalty of 10% of the total assets.
So how can someone start the process of disclosing tax in the Grimsby area? It is very simple, just contact Lindsey Henson of Turner Warran Henson. Lindsay helps those that run into trouble with the tax man and works with them to get the best possible outcome for them. Lindsay has helped businesses in the Grimsby area come forward and disclose any tax information. Recently she has alerted and offered her services to the Plumbing and Electrical industry in the area as the HRMC introduced The Electricians Tax Safe Plan (ETSP) and The Plumbers Tax Safe Pan (PTSP) in order to crack down on those who are not declaring as much as they are supposed to.
With the help of Lindsay Henson, the client shall have a specialist that will work tirelessly with any client so that they can gain the best possible outcome through using the LDF, She will work to make sure that they will have the following:
- An agreement which is signed between the UK and the Lichtenstein governments that entail a ‘financial intermediaries’
- The tax will only be assessed from April 1999 onwards.
- A penalty that will be fixed at 10%.
- There is not any naming and shaming involved in the process.
- There is an efficient disclosure process with no obligation to meet HMRC.
- There is a guarantee of no prosecution for the tax offences.
However, the alternative is that any tax dodgers who fail to step forward and ignore the LDF will face much more severe consequences which include the following:
- Strict fines which can amount up to 200% of the unpaid tax as well as the back taxes and interest.
- Risk of being named and shamed in the media.
- Prosecution in the more serious cases.
So when you weigh up the pros and cons of using Lindsay Henson of Turner Warran Henson, why wouldn’t you use it? It is really worth running the risk of losing all assets and face prosecution by not using it? Even though it is running until March 2015, if you want to disclose any unpaid tax through using LDF it is highly recommended that any potential clients contact Lindsey Henson as soon as possible!