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+44 (0)20 7100 2126
Worldwide Tax Disclosure Facility
UK Tax Services
- Tax Return Preparation
- Tax Planning When Moving to the UK
- Tax Planning When Leaving the UK
- Tax Issues for Remote Workers and Digital Nomads
- Making Tax Ditial
- Corporate Tax for Relocating Business Owners
- Non-UK Domiciles
- Foreign Income & Gains Regime
- Property Income for Non-Resident Landlords
- Capital Gains Tax Returns When Selling UK Property
- Inheritance Tax Planning
- Worldwide Tax Disclosures
- Tax Investigation Cover
In September 2018, over 100 countries began to exchange information with HMRC under the Common Reporting Standard and provide HMRC with visibility of all overseas income streams of UK taxpayers.
This exchange provided HMRC with a comprehensive view of the overseas income streams of UK taxpayers, ushering in a new era of tax transparency.
This global shift in tax reporting standards impacts any UK taxpayer with offshore income, encompassing income tax, capital gains, or inheritance tax, that hasn’t been previously disclosed to HMRC. As a result, information regarding such income is now, in most cases, accessible to HMRC.
The initial Requirement to Correct period under the Worldwide Tax Disclosure Facility (WDF) concluded in September 2018. Any disclosures submitted after this date fall outside this window and are subject to more stringent Failure to Correct (FTC) penalties. These penalties range from a minimum of 100% to a maximum of 200% of the underpaid tax. To mitigate these potential penalties, making an unprompted disclosure is strongly advised. HMRC offers more favourable terms and lower penalties in such cases compared to when an assessment is issued.
At GTN, we specialise in providing comprehensive Tax Investigations and Dispute Resolution services tailored to meet the needs of various individuals.
For further information or to find out how we can help, please contact Joanne Kerr or Rob Derienzo on 0207 100 2126 or complete our contact form.
Correcting Non-disclosure Irregularities
If you have not disclosed all of your financial information to HMRC, you may need to correct these non-disclosure irregularities. The first step in this process is to use the online Digital Disclosure Service (DDS) to notify HMRC. After you receive an acknowledgement from HMRC, you will have 90 days to submit the full disclosure, including details of underpaid tax, interest, and a self-assessment of the penalties that should be charged. Negotiating penalties is essential, as reductions are possible depending on factors such as behaviour, severity, and length of time. Tax disclosures that include offshore assets have become increasingly complicated due to regulations such as the Requirement to Correct (RTC), Failure to Correct (FTC) penalties, and changes to offshore tax assessment time limits. It is highly recommended that you seek professional assistance to minimise the risk of overpaying a penalty and to navigate this process effectively.
Tax Mitigation Strategies
In addition to the above services, we also specialise in long-term tax mitigation planning for domestic clients. Our strategies include helping clients with:
- Pension planning.
- Use of HMRC Enterprise Investment, Seed Enterprise Investment and Venture Capital Trusts.
- Acquisition of property via appropriate structures, including family investment companies.
- Inheritance tax planning and effective use of UK and offshore trusts.
- Tax efficient remittances of income to the UK.
- Tax treaty planning on the sale of a private company.
- Contracting globally via personal service companies.
By choosing GTN as your tax partner, you gain access to a team of skilled industry experts committed to reducing your tax liabilities, providing you with financial security and peace of mind.
For further information or to find out how we can help, please contact Joanne Kerr or Rob Derienzo on 0207 100 2126 or complete our contact form.