In order to assist people in making a disclosure of any offshore errors HMRC introduced the Worldwide Disclosure Facility.
The Worldwide Disclosure Facility (WDF) is suitable for anyone wishing to disclose a UK tax liability relating wholly or partly to an offshore issue. Indeed where HMRC have received information they will often write to individuals suggesting that they review their tax affairs and that they may wish to use the Worldwide Disclosure Facility.
Often the people who receive the letters have paid the tax in the jurisdiction in which the asset is held and not realised that they could be liable for UK tax on the income.
HMRC are getting this information because most countries have agreed to an exchange of information protocol where if they have a UK address on record they automatically send information to the UK tax authorities.
It is our understanding that it is a snap shot of a person with offshore assets detailing income from the assets and the amount invested. Recently at the time of writing there has been a surge in information from India relating to investments and Australia relating to rental income.
Read more about the Worldwide Disclosure Facility.
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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."