If a taxpayer feels that HMRC has made mistakes, treated them unfairly, or they have been subject to...
Having investments offshore is a widely accepted practice, provided all taxes and incomes are declared on your UK tax returns. Should incorrect or no amounts be declared, you could be setting yourself up for severe consequences from the government. Newer laws have come down hard on those participating in non-compliance. Therefore, it is imperative that all offshore tax affairs are handled honestly in a timely manner.
Eligibility is offered to anyone who discloses that their UK tax affairs are connected to an offshore account. The guidelines state that you must declare your desire to disclose all previously undisclosed tax affairs in the UK within 90 days. You must also pay off any penalties or interest accrued based on the current legislation.
Through the Digital Disclosure (DDS) system, you can make a disclosure online. However, you must first inform them of your intention to disclose by informing HMRC. You will then have ninety days to gather all pertinent information including the amount of penalties, taxes, and interest accrued and upon completion, you are given a disclosure reference number. DDS can be a complex process and difficult to keep up with the tougher legislation imposed on offshore accounts. You can trust that our specialist tax accountants will make sure that you are fully informed of all your options, so please get in touch with our professional accountants today.
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