HMRC has recently received details associated with a list of bank accounts of British residents who have an offshore account with HSBC in Jersey. This list appears to have been handed to officers of HM Revenue & Customs via a whistleblower.
Online PR News – 20-November-2012 – Luton – HMRC has recently obtained particulars of a list of accounts belonging to UK residents that have an offshore account with HSBC in Jersey. The information seems to have been passed to representatives of HM Revenue & Customs via a whistleblower.A leading publication for Ltd company accountantsannounced that the list consists of names, addresses, as well as account balances associated with about 4,000 British people who have a total of around £700m in their offshore accounts. The average balance in the bank accounts is reported to be approximately £336.000.The existence of this particular list has been confirmed by a spokesman for the HMRC. If this is true, the chances are that HMRC is contemplating their next plan of action.The news of this list asks further questions regarding HSBC and its practices especially seeing that the bank is currently facing fines of as much as 1.5 billion Us dollars due to breach of conduct of money laundering regulations in the USA.While the tax payer has the ultimate responsibility for paying tax on their own income, banks are expected to report any sort of suspicious routines that indicate money laundering.What if somebody has an undeclared international bank account which is likely to be among the many HSBC Jersey accounts? The best way forward will be to contact a reliable tax accountant who will propose that they make disclosures to HMRC as soon as possible before they are approached by HMRC representatives. There are a number of ways this can be done so a tax accountant will recommend the best option. However, the main thing is to make a disclosure well before tax authorities commence their own enquiry. Simply because HMRC may prosecute in the worst type of cases. Nonetheless, the probability of getting charged diminishes significantly if a full and correct disclosure is made out of the tax payer's initiative and before officers of HMRC start their own enquiry.