HMRC have access to overseas accounts which may be in your name. Many financial institutions and banks have signed up to provide this information to HMRC. If you have any income or gains from assets held overseas you should declare that income via your self-assessment. Failure to declare could result in additional interest, penalties and in some cases even prosecution.
We can help you make a full voluntary disclosure under the world wide disclosure facility, (WDF) of all undeclared offshore liabilities, including income from a source outside the UK, assets held outside the UK, activities carried on abroad and we can help to mitigate higher penalties, by telling them before they approach you. Penalties can be up to 200% of the unpaid tax. “Unprompted” disclosures can be reduced down to 100%, again depending on the quality and accuracy of the disclosure.
The process can be extremely stressful - we aim to make the process simple and our team of experts will assist you as much as we can to make sure your situation can be handled in a tax-efficient way. In addition, through our links with Streets Global Alliance we can, if necessary, contact fellow professionals in other countries.
For more information on the Worldwide Disclosure Facility, please contact Erica Manderfield or your usual contact today.
