Haines Watts advise offshore HSBC account holders to 'act now or face a heavy penalty'

Southernhay-based Chartered Accountants Haines Watts urges local taxpayers with undisclosed HSBC bank accounts in Jersey to seek advice as a matter of priority. The warning comes just days after a list, containing the names, addresses and account balances of 4,388 UK residents with offshore accounts, was given to HMRC by a secret source. Collectively, they have £699 million in current accounts at the bank.

Haines Watts' Exeter office advises that they have already been contacted by individuals and companies that suspect they are on the list.

Patrick Tigwell Partner says: “This investigation is going to have an impact on a lot of people and some of those will be based in the South West. Since the news broke, we have been contacted by a handful of individuals who suspect they are on the list and who are unsure of what they should do next. Those HSBC account holders who have not complied with their UK tax obligations need to act quickly and get the professional help that they need. If they do so, they could avoid a heavy penalty in the form of a fine.”

The leaked list of HSBC clients is reported to include names from the oil and mining industries as well as doctors and some celebrities – all groups that typically have significant overseas earnings.

Patrick adds: “If you have an offshore bank account whether in Jersey or elsewhere and you suspect there may be a problem, my advice would be to be proactive and take the relevant steps to make a disclosure before you are approached by HMRC.”

For more advice, contact Haines Watts direct on 01392 260310, email jcrice@hwca.com or visit www.hwca.com/accountants-exeter