Tax Disclosures

Making a voluntary Disclosure

We can all make mistakes.  Sometimes, businesses or individuals make a genuine mistake resulting in an underpayment of tax, PAYE/NIC or VAT.  Whatever the reason, HM Revenue & Customs have the power to pursue you for information and the current penalty regime means that they can penalise you heavily for mistakes that they discover in your tax affairs.

However, HMRC will take into consideration the value of a taxpayer making a voluntary tax disclosure once you become aware of a mistake and before HMRC conduct and enquiry of their own.  While you will still be required to pay all the tax due plus interest, HMRC can offer a significant reduction in penalties to a taxpayer who has chosen to make a voluntary disclosure.

Setting matters right

Whether you are considering making a voluntary tax disclosure regarding UK taxes or dealing with the more complex issue of offshore disclosure, we can help you decide on the best course of action.  Our team have considerable experience in dealing with these matters both from within HMRC and the Profession.

HMRC offer a number of disclosure facilities at any one time.  We can provide advice on which will be most suited to your individual circumstances and provide all the necessary support in making a full disclosure to HMRC.

Disclosing UK income and assets

For taxpayers wishing to make a voluntary disclosure relating to tax fraud, HMRC may offer the Contractual Disclosure Facility.

Disclosing offshore income and assets

Prior to the introduction of the Common Reporting Standard (CRS), Tax Information Exchange Agreements (TIEAs)  have been signed between the UK and a number of British Overseas Territories, which will enable HMRC to ensure that the correct tax is being paid on offshore assets held by UK taxpayers.

A UK taxpayer may be able to make a Disclosure online through the Government’s Gateway or through a current campaign or declare any offshore asset or income under the terms of the Worldwide Disclosure Facility (the WDF)

Current HMRC campaigns are as follows:

Let property campaign

Worldwide Disclosure Facility