Are your tax affairs up to date?

4th September 2017

If you have money or other assets abroad, you could owe tax in the UK. Since 2016, HMRC has started sourcing new financial information from more than 100 jurisdictions – including details about overseas accounts, structures, trusts, and investments. HMRC already uses information, supplied by overseas banks, insurers, and wealth and assets managers, to identify the minority who are not paying what they owe.

If you are confident that all your tax affairs are up to date and all income and assets are appropriately declared through your tax return, no further action is required. However, if you are unsure, please contact our tax team as soon as possible for advice, including how to make a disclosure.

Penalties are increasing for those that don’t pay the right amount of tax – and criminal proceedings can be brought in some cases so it’s vital to ensure your affairs are accurate and up to date.

For more information on HMRC’s requirements, download their notification letter at:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/557296/client-notification-letter.pdf

For all enquiries relating to tax, please call 01926 422292 and ask to speak to our tax team.