(Updated 18th June 2019)
HMRC are busy collecting data from over 100 countries and their financial institutions on UK resident taxpayers.
This is being collected through Tax Information Exchange Agreements and the Common Reporting Standards that the UK has entered into.
When HMRC receive that data, it is going to be scrutinised and used to target non-compliant taxpayers who they believe had undisclosed offshore income and gains.
If HMRC have contacted you your response requires careful consideration as HMRC are asking you to certify that your tax affairs are in order and that you do not intend to take any further action, or alternatively that you intend to make a formal disclosure to bring your tax affairs up to date and will therefore register to do so using the Worldwide Disclosure Facility (WDF).
How we can help?
We are specialist tax advisers with significant experience and expertise in assisting non-domiciled, UK resident individuals manage their international tax affairs.
Our approach would be as follows:
- Review you tax affairs and assess whether a disclosure is required under the Worldwide Disclosure Facility
- Work with you to quantify the tax exposure on your undisclosed income for all years concerned.
- Act as your Agent and correspond directly with HMRC on all matters associated with the exposure so it is presented in the best frame of light.
- Liaise with HMRC directly in connection with the penalty negotiation process.
- Guide you through the process of closing out the disclosure and provide you with support in relation to your on -going tax affairs (tax returns etc).
If you require any assistance please do not hesitate to contact myself or one of our team.
Failure to take corrective action when it is required will have serious consequences and we therefore recommend that you contact us to discuss how we can assist.