Worldwide Disclosure Facility: Last chance this year to make a disclosure

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Do you have untaxed money offshore

Do you receive interest on an offshore bank account

Have you been involved in offshore companies and need to declare it now?

Over 100 countries have committed to exchange information on a multilateral basis under the Organisation for Economic Co-operation and Development’s Common Reporting Standard (CRS).

Since 31 December 2015 HMRC closed all the previous “amnesties” giving incentives to come forward and clear up your tax affairs, but before automatic exchange and new sanctions come into force, the Worldwide Disclosure Facility (WDF) will be your final chance to come forward before HMRC use CRS data and take a much harsher approach to offshore non-compliance.

You have up to 30 September 2018, before new sanctions under Requirement to Correct will be introduced that reflect HMRC’s toughening approach.

If you need to disclose a UK tax liability that relates wholly or partly to an offshore issue can use the facility. An offshore issue includes unpaid or omitted tax relating to:

  • income arising from a source in a territory outside the UK
  • assets situated or held in a territory outside the UK
  • activities carried on wholly or mainly in a territory outside the UK
  • anything having effect as if it were income, assets or activities of a kind described above

 

To register for the facility and check if you are eligible and can benefit from reduced penalties, contact Lindsay on 07584 706664

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