Liechtenstein is a haven for UK-based tax dodgers – although HMRC is working hard to put a stop to the practice via a tax disclosure ‘opportunity’ that enables anyone who confesses to hiding money in the tax haven will only have to pay 10% of the tax owed.
In addition to the 10% penalty though, people will still have to pay tax, plus interest, going back as far as the last 10 years, so the final tax bill could still be hefty even though the 10% penalty limit sounds generous.
Since the scheme began more than 2,400 people have come forward to pay an extra £363 million in tax and penalties.
And HM Revenue & Customs (HMRC) expects this figure to rise to £3bn by 2016, significantly more than the £1bn initially expected.
UK authorities estimate around 5,000 UK taxpayers have had money hidden in Liechtenstein – going back generations, in some cases – and co-operation between the UK and Liechtenstein authorities has now been strengthened by the signing, for the first time, of a formal double-taxation agreement between the two counties.
If you’ve business interests in Liechtenstein, you’ll want a low-cost and reliable teleconference, or conference call, provider – here’s how to quickly and easily set up a call between UK and Liechtenstein, using nothing more than a mobile or landline.
Setting up the call
Input the time, date and subject of the conference call, before picking UK and Liechtenstein dial-in codes and clicking the button marked ‘Copy this invitation’.
Paste it into an email before sending to up to 100 participants, and you’re good to go.
Dial-in numbers to call
At the allotted time participants dial the following numbers and enter your PIN:
– UK participants dial 0843 0 250 250
– Liechtenstein participants dial 376-9442
Your conference call can now begin!
Time to call
Vaduz sits almost 700 miles from the UK and flights times clock in at around three hours and 20 minutes – and so while getting there and back is relatively easy, the time zone is just two hours ahead of GMT, meaning you can fit a conference call more or less around your own office hours.