UK disclosure and dealing with HM Revenue & Customs
We have experience assisting taxpayers whose UK tax filings are delinquent or have been previously incomplete, particularly as it relates to international tax affairs. In some cases there will be a disclosure program that is available to you which can mitigate penalties and provide a structured route forward. Since 30 September 2016 this has included the Worldwide Disclosure Facility. Otherwise alternative routes are required to bring your affairs up to date and make disclosure first before discovery occurs.
In recent years we have completed projects disclosing complex offshore trust structures, offshore accounts and remittances of large sums into the UK , co-ordinating with HMRC in an appropriate manner. Sometimes the omission might be small, a simple bank account, or it might be a misunderstanding of the tax treatment in the UK of a trust compared to the US where it is founded.
Our experience also includes handling HMRC checks and enquiries into tax returns which can often be the first time individuals realise they have an issue or need professional help.
All in all this can be a stressful time, particularly if you find your self in this situation inadvertently. We will aim to put you mind at ease and act as your advocate, lay out the situation for you and a route forward with time frames, a calculation of the tax and a plan to mitigate any penalty.