Transparency in the world of tax - own assets abroad - read on.....
HMRC has launched a task force aimed at tackling tax dodgers who hide wealth overseas. There is nothing to stop you holding assets or money abroad, but the government is concerned that some UK residents are not declaring money made from them.
Offshore tax affairs are pretty high on their list. From 2016 they are getting new financial information about customers from more than 100 jurisdictions - including overseas accounts, structured trusts and investments - and they are already using information gathered.
If you are confident your UK tax affairs are up-to-date - great you don't need to read any further.
if unsure - make sure you regularly check you have declared all of your UK tax liabilities bringing them up-to-date and check the UK tax laws as they are constantly changing too.
If you have any doubts whatsoever check with our specialist tax adviser at Hornbeam, we will be able to help you and let you know if you need to take action.
Making disclosures is possible by following this link here which will direct you straight to the gov.co.uk website. However, we at Hornbeam recommend that you seek professional assistance first.
But remember, if you have not paid the right amount of tax and choose not to take immediate action you need to know that HMRC can now find out about your money and assets through the exisitng and new jurisdictions they have access too and penalties for hiding offshore assets are increasing, including criminal penalties.
New government legislation in force deems that those whose offshore tax affairs are not in order by 30 September 2018 may face significantly increased sanctions whether deliberate or accidental.
Call 01603 720424 for a confidential chat with our specialist tax adviser or email firstname.lastname@example.org