HMRC Legal Notice If You Have Money Or Assets Overseas
Published / Last Updated on 22/08/2017
HMRC Legal Notice If You Have Money Or Assets Overseas.
We are required by law to issue a notice to specific classes of clients the following notice by HMRC by email or letter. We have decided to go one stage further and issue a general warning to all website visitors and users as well as clients.
We are required to tell you:
From 2016, HM Revenue & Customs (HMRC) is getting an unprecedented amount of information about people’s overseas accounts, structures, trusts, and investments from more than 100 jurisdictions worldwide, thanks to agreements to increase global tax transparency. This gives HMRC unprecedented levels of information to check that, as in most cases, the right tax has been paid.
If you have already declared all of your past and present income or gains to HMRC, including from overseas, you do not need to worry. But if you are in any doubt, HMRC recommends that you read the factsheet attached to help you decide now what to do next.
MUST READ/DOWNLOAD: HMRC FACTSHEET
In addition, HMRC also warns:
"Come to us before we come for you
Remember
- If you are confident that your tax affairs are up-to-date, and you have declared all of your UK tax liabilities, then you don’t need to do anything further.
We are already using early financial information to identify the minority who are not paying what they owe. If you need to bring your tax affairs up-to-date, it is your responsibility to do so – act now at www.gov.uk/guidance/worldwide-disclosure-facility-make-a-disclosure".
