TAX experts at Cowgill Holloway have warned entrepreneurs across Bolton to take advantage of a tax evasion amnesty.
Her Majesty's Revenue and Customs is offering a partial amnesty to people who admit to having evaded tax by moving funds to offshore bank accounts.
People who disclose tax evasion will have to pay back taxes with interest and will be fined 10 per cent of the tax owed. But if they fail to disclose it by June 22, they will face a fine of up to 100 per cent of any tax owed.
Andy Ball, tax partner at Cowgill Holloway, in Chorley New Road, said: "While there is nothing wrong with holding money offshore, it is illegal to conceal any interest earned from HMRC. The amnesty is an opportunity to come forward and settle their tax obligations with a reduced penalty."
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