HMRC urges taxpayers to declare offshore assets | WDM

Twitter
Follow us on Twitter
MENU
15
August

HMRC urges taxpayers to declare offshore assets

HMRC is urging UK taxpayers to declare foreign income or profits on offshore assets ahead of the 30 September 2018 Requirement to Correct (RTC) disclosure deadline.

The RTC legislation requires taxpayers to inform HMRC about any offshore tax liabilities in relation to income tax, capital gains tax (CGT) or inheritance tax (IHT).

Renting out a property abroad, transferring assets and income from country to country, or renting out a property in the UK whilst living abroad may result in taxpayers receiving a significant tax bill in the UK.

HMRC has stated that, under the Common Reporting Standard (CRS) initiative, from 1 October 2018 over 100 countries will be able to exchange data relating to taxpayers’ financial accounts. HMRC said that the CRS will ‘significantly enhance’ its ability to detect offshore non-compliance. It is urging taxpayers to therefore ensure any non-compliance is corrected before 30 September.

‘Since 2010, we have secured over £2.8 billion for our vital public services by tackling offshore tax evaders, and we will continue to relentlessly crack down on those not playing by the rules,’ said Mel Stride, Financial Secretary to the Treasury.

‘This new measure will place higher penalties on those who do not contact HMRC and ensure their offshore tax liabilities are correct. I urge anyone affected to get in touch with HMRC now.’

Taxpayers can amend their offshore tax liabilities by using HMRC’s digital disclosure service: this can be accessed here.

7 Questions you must ask an accountant
How To Grow your business by 46.4% - Special Free Whitepaper
To get the free whitepaper, simply enter your name and e-mail address below and click the ‘Get FREE Whitepaper’ button. You will receive an email shortly with your FREE Whitepaper pdf from our team...

Fields marked with an * are required

By submitting this form you agree to receive information via email newsletters about products and services from WDMCA which we think may interest you. You can opt out of receiving these newsletters by clicking the unsubscribe link in newsletters we send.

Download our FREE iPhone app

Testimonials

From the opening of our store to the eventual sale of four stores seventeen years later, WDM have provided invaluable assistance all the way along. They are more than just an accountant to us and we couldn’t speak highly enough of them.

Pat McKenna – McDonalds Franchisee
Sign up to our newsletter
Oakfield House, 378 Brandon Street, Motherwell ML1 1XA        t: 01698 250 251        f: 01698 250 261