We're open: Mon - Fri 9:00 am to 5:30 pm
Experienced Tax Advisors.
copy to clipboard
Email is copied
posted on June 2, 2018
Undeclared overseas income is a guilty secret for some taxpayers. We have had over ten years of offshore disclosure facilities from HMRC which have forced a significant number to declare at least some of their overseas earnings. But now everything is about to change. The message for those with unreported offshore income and gains is clear – HMRC will become more aggressive if you do not report your undeclared overseas income by the September deadline. Those who do not meet their obligations under the requirement to correct legislation and bring their UK tax affairs up to date could face penalties of up to 300% of the additional tax due. More than 100 countries have now signed up to the Common Reporting Standard and the relevant information is already being collected, ready for automatic exchange. If you are anxious about HMRC finding out about your undeclared overseas income you are not being paranoid – they are coming to get you! Here is what HMRC themselves say,
So if you have undeclared overseas income that you have not yet declared to HMRC, it is now time to take action before the 30th September deadline arrives in just a few months’ time. You can find further information from the HMRC website but we strongly recommend getting professional advice to manage the declaration as soon as possible.