Worldwide Disclosure Facilty
A reminder that if you are UK resident then you must declare your worldwide income, no matter where it is.
The above disclosure facility comes to an end on 30th September 2018. This is because after that date many countries who have in the past had banks behind closed doors will now have to open those doors to the tax authorities.
Full guidance is given by HMRC please click here for more information.
The penalties for undeclared overseas income is 200% of the tax due. Use of this facility reduces the penalty to 100%.
If you are at all concerned by any of this please contact us.
