HMRC are currently in consultations about a new UK law which will require all people to review their tax affairs in which they have offshore interests. The law states that they correct these by 30 September 2018, or huge penalties will be given.
If these affairs are not corrected by this date then penalties of 200% of the tax due will be given, as well as naming and shaming any individual who has not reviewed their tax affairs. Even making mistakes could mean a penalty from the HMRC.
Sectors previously targeted by HMRC include, amongst others:
– Medical Practitioners
– Barristers and the Legal Profession
– Plumbers and Electricians
However, other industries are subject to investigation and penalties.
Who The Worldwide Disclosure Facility Is For
The Worldwide Disclosure Facility is for anyone wishing to disclose a UK tax liability relating wholly or partly to an offshore issue. To be considered for this, you must have:
– Income arising from a source or territory outside the UK
– Assets situated or held in a territory outside the UK
– Activities carried on wholly or mainly in a territory outside the UK
HMRC have stated that if people get their disclosure wrong then they will impose increased penalties. If there are material errors, HMRC have stated they will consider them for prosecution.
About Gilbert Tax
Gilbert Tax are the undisputed experts in settling HMRC disputes. The business specialises in tax investigation work too, and the team spends 100% of their time working on disputes and investigations.
The Gilbert Tax team can work directly with individuals and businesses, but can also work directly in association with practitioners. Gilbert Tax can offer specialist advice on any investigation or dispute and a full tax advisory service can be offered if required.
Chances are, if you are having any issues with a tax investigation or dispute, Gilbert Tax can offer you advice and help you. Tax troubles are one of the most frightening and stressful things that an individual or business can come across. With the new Worldwide Disclosure Facility and law that has been put into place, things just got even more difficult.
If this is something you are worried about, Gilbert Tax can offer you tailored tax advice to suit your individual situation.
Company: Gilbert Tax
Address: Westbourne House, 99 Lidgett Lane, Garforth, Leeds, LS25 1LJ, UK
Telephone: 0113 287 2299