New Forest Ribbon
New Forest


Deadline: 30 September 2018 – World Wide Disclosure Facility

As the deadline nears, HMRC is reminding all taxpayers to notify them of any previously undisclosed offshore income and gains and settle any tax liabilities arising from such matters.

Taxpayers who fail to correct by 30 September 2018 will face a minimum penalty of 100% of the tax due. Penalties will start at 200% where offshore tax is involved, but can be reduced to reflect disclosure, however not below 100% of the tax involved. Further penalties and criminal/civil prosecution could apply in serious cases.

At present a typical case could expect penalties of between 30%-40% of the tax due, but after 30 September these penalties are expected to be 150% for a typical case. It is therefore important that if a taxpayer has any previously undisclosed offshore income that they registered under the facility by midnight on 30 September 2018 and complete the process within 90 days to avoid higher penalties.

If you are unsure whether you need to make a disclosure please contact Stacey Steele on 023 8046 1234.

Latest Tweets

Businesses have until 8th August to apply for grant funding for innovative projects designed to reduce the costs of deploying carbon capture, usage and storage technology

The 5th and final SEISS grant is now available and can be claimed for the period of May to September 2021.

Let’s Talk

Why not arrange a FREE consultation and find out what we can do for your business.