HMRC has started to send out letters reminding taxpayers that all of their taxable foreign income and assets, should be declared by 30 September 2018.
This disclosure is made under the ‘requirement to correct’ rules, which if utilised prior to 30 September 2018 avoid stiffer new penalties for offshore non-compliance which are being introduced.
From 1 October, penalties of 150% plus will apply to those who fail to pay all tax due relating to offshore matters.
With increased amounts of data being collected by HMRC under the automatic exchange of information agreements, the chance of errors or omissions being detected is much greater. By September this year over 100 jurisdictions will be sharing information.
So now is the time to make sure that all offshore matters are up to date. Non-disclosure may be entirely innocent, but that will not necessarily provide any defence against penalties.
For more information please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org