Many business people understandably try to minimise their contact with HMRC. However there are certain situations when it’s a good idea to proactively engage with them to avoid further difficulties or indeed penalties. The Bedrock team can help you decide on the best course of action for you and will be by your side all the way until the matter is resolved.
Whether you spot an error in your VAT return or the way in which a calculation has been made which impacts on the tax you owe, it’s worth speaking to one of our team so that they can help you make a voluntary disclosure so you can avoid any penalties.
If you have overseas bank accounts you need to be aware that HMRC is actively using the Requirement to Correct legislation for individuals with undeclared offshore tax liabilities, relating to Income Tax, Capital Gains Tax or Inheritance Tax, to disclose those liabilities to HMRC before 30 September 2018. This legislation applies to non-compliance prior to 6 April 2017. From end of September 2018 more than 100 countries will exchange data on financial accounts under the Common Reporting Standard. This new data will significantly increase HMRC’s ability to detect offshore non-compliance and it is in individuals interests to correct any non-compliance before this data is shared.
The Requirement to Correct provides a window of opportunity for you to correct any issues you have with offshore interests and you should take this opportunity to review your position to satisfy yourself that you are fully compliant otherwise you could face significant penalties. Read more about the Requirement to Correct here.
If you would like to discuss this in more detail or would like some help making a disclosure to HMRC get in touch with Bedrock today.
Why not contact the Bedrock team for an initial free consultation.