Disclosing information regarding offshore accounts now rather than waiting for the New Disclosure Opportunity in September could mean you will be less penalised, according to PKF. Tax investigation partner John Cassidy noted that in the last amnesty in 2007, taxpayers had to disclose information about undeclared tax dating back to the previous 20 years, but the new amnesty could consider only the last six years being amended. Cassidy said: 'By voluntarily coming forward now there is a reasonable prospect of agreeing to settle with HMRC for the tax and interest on the 'in date' years only (currently 2003/4 to 2007/8).' He added: 'In contrast, the last amnesty covered 20 years and it is thought likely that the new disclosure opportunity will too. So, before even looking at the numbers, it is clear that you could end up paying much more if you wait until the NDO starts before making a disclosure'. There is a warning that taxpayers could also find themselves charged more than the 10% rate under the NDO but Cassidy comments that 'a penalty of 20% should still be achievable if you come forward now'. Although penalty amounts will differ on each individual case, Cassidy recommends that if you ' want to come clean' about your taxes then seeking advice before the NDO will help you chose the most ' cost-effective' method.