Use the Worldwide Disclosure Facility (WDF)
On 5 September 2016, HMRC announced the launch of a Worldwide Disclosure facility. As an opportunity for taxpayers to come clean and legitimise their tax affairs in advance of the Common Reporting Standard (CRS) which will be effective from 30 September 2018.
Any UK or non-resident individual or organisation that has a UK Tax liability originating from overseas or the UK can apply. All direct Taxes, but not VAT, are included plus IHT going back 20 years. For years before that they fall outside of the tax collection regime.
Disclosure under the WDF is considered voluntary and therefore the penalties are lower than those applied as a result of an HMRC enquiry, also HMRC tend not to pursue criminal prosecutions where a voluntary disclosure is made, although there is no guarantee on this.
Failure to make such disclosure by 30 September 2018 may mean much higher penalties or potentially a criminal prosecution.
The registration and disclosure is via an HMRC online portal but Lindsay is always pleased to discuss it over the phone with no obligation.
Call on 07584 706664Share