Most people have paid their taxes in the country where the asset is held and do not realise that there is potentially a liability to tax in the UK.
In addition to the tax and the interest even where someone has not deliberately not notified HMRC of the liabilities they will still face a tax bill going back to 2011/12 (and earlier if they have not completed tax returns in the UK) and penalties of up to 200% of the tax if the matter is not dealt with properly.
Therefore understanding the complex tax rules about assessing periods and where amounts can be claimed against the income is extremely important as this knowledge can in some instances save considerable sums in tax and penalties.
In order to be considered for the Worldwide Disclosure Facility an individual (or business) must have:
In addition, if someone qualifies to take part in the Worldwide Disclosure Facility they must notify HMRC of any UK tax liability if all taxes have not been paid in the UK:
In order to take part in the disclosure facility, HMRC will need to be notified that you will be making a disclosure. This is a simple process where details of address, date of birth and national insurance number need to be provided to HMRC.
HMRC will then provide a reference (and payment number) and they then allow 90 days to:
Read more about the Worldwide Disclosure Facility.
If you can't find the answers you are looking for in our FAQ please get in touch with our team for confidential and no-obligation advice.
Call 0800 011 9625 or email us at firstname.lastname@example.org
Get in touch with us for confidential and no-obligation tax advice.
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"We understand that people sometimes make mistakes in their dealings with HMRC and that HMRC make mistakes in dealing with taxpayers. Many people do not know how to deal with HMRC or who to turn to for help resolve the tax dispute.
Our firm of tax advisors specialise in resolving people's problems with HMRC. We have extensive expertise in dealing with all forms of tax investigations and tax disputes as well as with taking matters to the Tax Tribunal where agreement cannot be reached.
We deal both directly with the individual who is under enquiry and also work with many firms of accountants supporting them in dealing with HMRC disputes and advising them on how to handle HRMC to get the best result.
The fact is that proper management of HMRC is the best way of reducing the tax, interest and penalty as well as the time taken in resolving any tax dispute.
Our expert team are none judgemental and rigorously defend your position within the scope and parameter of the law. We take control and manage the process to minimise the interruptions that any form of tax investigation causes to an individual's life and business."