HM Revenue and Customs (HMRC) is getting tougher on those not paying the right amount of tax from their offshore activities.
Since 2016, HMRC has been getting new financial information, including details about overseas accounts, structures, trusts and investments from more than 100 jurisdictions. HMRC are also using information, supplied by overseas banks, insurers, and wealth and asset managers, to identify those who are not paying what they owe.
If you have already declared all of your past income or gains to HMRC, including those from overseas, then you do not need to be concerned. If you are unsure if you have declared everything correctly then please do contact us. We can then consider the tax implications and potential mitigation.
It is easier and much better to ensure your affairs are in order now to ensure that potential HMRC fines and penalties are avoided. Penalties are increasing for those who don’t pay the right amount of tax on their offshore assets and they can face criminal prosecution and/or a tax enquiry investigation.
To ensure that our clients are able to protect themselves from the unexpected professional fees associated with an investigation or enquiry we strongly recommend that you subscribe to our specialist tax investigation fee protection service. For further details of this service please contact your usual Streets’ Partner, click here or email feeprotection@streetsweb.co.uk
