WORLDWIDE DISCLOSURE TAX ADVISOR

Our disclosure service provides you with the opportunity to bring your tax affairs up to date with HMRC on the best possible terms.

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WORLDWIDE DISCLOSURE SERVICES

The Worldwide Disclosure Facility (WDF) provides an opportunity for taxpayers who have undisclosed income, to come forward to HMRC to get their tax affairs up to date on the best possible terms.

To date, all disclosures submitted by GTC have been accepted by HMRC.

We use our knowledge and expertise to minimise tax liabilities and expedite a fast settlement.

Rental income
Undeclared rental income

GTC can report the undeclared rental income and assist with penalty mitigation via the let property campaign facility.

Foreign income
Undeclared foreign income

GTC can report the undeclared foreign income and assist with penalty mitigation via the Worldwide Disclosure Facility.

Looking to come clean to HMRC?

As countries are increasingly sharing data with one and other, it is becoming more likely that HMRC will eventually discover any undisclosed income. It is best to come forward on an unprompted basis than be caught by HMRC on a prompted basis, as making an unprompted disclosure will lead to lower penalties.

As an approved HMRC tax agent, GTC can manage all matters relating to the disclosure including notifying HMRC, making a formal offer to HMRC and negotiating a settlement with HMRC.

DISCLOSURE FAQs

Why should I make a disclosure?


If you have failed to disclose income and/or gains to HMRC in the past (onshore or offshore), you can make a disclosure via the WDF process to bring your tax affairs up to date and settle the outstanding tax bill. If you voluntarily come forward, you’ll have greater scope to reduce penalties levied on your tax account.

How can I make the disclosure?

HMRC have advised that you should take the following steps if you wish to make a disclosure:

1. Notify HMRC that you wish to make a disclosure here or respond to their letter that you have undisclosed income;
2. Tell HMRC about all incomes and gains you’ve not told them about before through the disclosure portal;
3. Make a formal offer to HMRC to settle the outstanding tax, penalties and interest bill;
4. Settle the outstanding bill;
5. Help HMRC process the disclosure such as providing records and data to back up the formal offer.

How are penalties calculated?


Penalties range from 0% – 200% and depend on the following factors:

– the tax year that the undisclosed income relates to; and
– whether the undisclosed income is onshore or offshore; and
– the nature of the error (careless or deliberate or deliberate and concealed); and
– the quality of the disclosure.


You can find further information on how penalties are calculated here.

I am non-resident and my rental income is less than £12,570, do I need to make a disclosure?


If your net profits are more than £2,500, you are required to report the profits to HMRC, irrespective of whether tax is payable or not.

I am non-domiciled and I have foreign incomes, do I need to make a disclosure?

If your foreign incomes are £2,000 or more, you are required to report the incomes to HMRC. If your foreign incomes are less than £2,000, you are not required to report the incomes to HMRC if the incomes will be kept offshore.

If you have suffered tax overseas, you may be eligible for a credit to reduce your tax burden in the UK. We will review the applicable international tax law and claim the credit as necessary.

What are GTC’s disclosure fees?


Our minimum disclosure fee is £1,000 which includes submission of the disclosure, a letter outlining the position for HMRC and HMRC representation to agree a settlement on your behalf.

Our fees are disclosed in our engagement letter and scope of services and you will only be charged if you decide to proceed with our services.

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