Tax arrears disclosure
A surprising number of new clients come to us with tax arrears to sort out. These may relate to undeclared UK or overseas rental income, onshore or offshore trust issues, or undisclosed trading profits . Others are simply unaware that foreign income has to be reported both in the country of residence and where the income arises.
Once people get behind, a combination of fear and embarrassment can make it hard to face the problem, and professional advice is needed. Our team has extensive experience of helping to resolve these issues, including the Lichtenstein and Swiss disclosure facilities. We will help with negotiating time to pay arrangements where needed. If you have undeclared overseas income, do note that HMRC is running a special disclosure facility up till September 2018. If HMRC finds undisclosed overseas income after this date, the Requirement to Correct legislation will bring in harsh new penalties.
If this could affect you, please come and talk to us before that deadline, as your end result will be far better from voluntary disclosure. In future, International information sharing will make it far easier for HMRC’s tracking software to join up the dots.