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AAB / Blog / Last Call for Overseas Tax Disclosures!
BLOG10th Sep 2018
The deadline for individuals, Trusts and Estates to submit a full overseas tax disclosure to HM Revenue & Customs (“HMRC”) if they need to correct their underpaid UK tax position in respect of any offshore interests is fast approaching. With less than 1 month to go until the deadline of the 30 September 2018, it could not be more apt to issue a reminder regarding the Requirement to Correct legislation.
If you have overseas assets or income which have not yet been disclosed to HMRC in the UK, you should seek advice immediately in order to establish whether you have a Requirement to Correct your tax position.
HMRC have recently changed their guidance regarding submission of nil disclosures. As such, nil disclosures should only be submitted where there is doubt over whether tax is due or not, for example in very complex situations, or where only limited information is available.
Provided the information supplied to HMRC is accurate, the new higher level of penalties detailed below will not be applied, even if it is later discovered that additional tax is due as a result of the issues included in a nil disclosure.
However, failure to submit any disclosure to HMRC by 30 September 2018 when one is required will result in the application of any (or all) of the following penalties:
In addition to the penalties noted above, HMRC can also publicly name and shame those with underpaid taxes.
Professional advice is always recommended before any type of disclosure is made to HMRC, nil or otherwise. For more information on the above matter, please do not hesitate to contact us.
ASK US ABOUT OVERSEAS TAX DISCLOSURE
Find out more about our dedicated Private Client Tax team.
How AAB can help
Our team support a diverse array of individuals such as employed professionals, business owners, families and international sports stars. As AAB clients, they all benefit from absolute confidentiality and share a unified goal of optimising and safeguarding their personal wealth. Our services extend far beyond mere tax return completion. In addition to standard personal tax compliance, our dedicated team of personal tax specialists delivers dependable and practical tax advice, ensuring full compliance and optimal positioning.
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