Bevan & Buckland writes with regards to things the are changing – tax world is becoming more transparent
- HM Revenue and Customs (HMRC) is getting tougher on those not paying the right amount of tax across their offshore tax affairs.
- From 2016,HMRC is getting new information about our customers from more than 100 jurisdictions – including details about overseas accounts, strucutres, trusts and investments.
- HMRC is already using information, supplied by overseas banks, insurers, and wealth and assets managers, to identify the minority who are not paying what they owe.
Are you confident that your UK tax affairs are up-to-date?
Bevan & Buckland writes with regards to things the tax world is becoming more transparentYou need to regularly check that you have declared all of your UK tax liabilities and, if needed, bring your tax affairs up-to-date. This is your responsibility.
Personal circumstances change. For example, you may have recently inherited assets overseas. Tax laws change too. All of this means that previous advice can be out-of-date, with costly consequences.
- If you are confident that your tax affairs are up-to-date and complete, then you don’t need to do anything further.
- If you are unsure, we recommend that you speak to a tax adviser to find out if you need to take action now.
- If you find that you need to bring your tax affairs up-to-date, it can be easier than you think. You can choose to do this now using HMRC’s straightforward online disclosure facility at www.gov.uk/guidance/worldwidedisclosure-facility-make-a-disclosure
If you have not paid the right amount of tax and choose not to take action now, you need to know that:
- HMRC will find out about your money and assets overseas through new information from more than 100 jurisdictions.
- Penalties are increasing for those who are not paying the right amount of tax on their offshore assets, and you can even face criminal prosecution. Under new rules, you could face further penalties based on the value of the asset as well as the tax due, resulting in potentially life-changing consequences.
If you choose to delay in coming forward, it’s very likely to cost you more and there is also more chance that HMRC will come for you.
Come to us before we come for you!
Remember
- If you are confident that your tax affairs are up-to-date, and you have declared all of your UK tax liabilities, then you don’t need to do anything further.
We are already using early financial information to identify the minority who are not paying what they owe. If you need to bring your tax affairs up-to-date, it is your responsibility to do so – act now at
www.gov.uk/guidance/worldwide-disclosure-facility-make-a-disclosure
For more information with tax advice. Please contact Bevan & Buckland today on 01792 410100 or by email at mail@bevanbuckland.co.uk.