Worldwide Disclosure UK is a programme launched by HM Revenue and Customs (HMRC) aimed at encouraging UK taxpayers to come clean about any tax liabilities they may have in relation to offshore income and assets. This programme gives taxpayers the opportunity to voluntarily disclose any income or assets they have not previously declared to HMRC and to pay any outstanding tax due to avoid potential criminal investigations and penalties.
The programme was officially launched in April 2016 and is open to anyone who may have offshore income or assets that have not been fully declared or taxed. Under this programme, taxpayers have the opportunity to disclose any tax discrepancies by using the digital disclosure service provided by HMRC. The disclosure service guides taxpayers through the process and helps them to calculate any tax owed.
The programme has been successful so far, with around £2 billion in additional tax revenue being collected from UK taxpayers who have disclosed their offshore assets and income. HMRC has also identified more than 17,000 individuals with offshore assets, and investigators have launched several investigations into potential tax evasion.
The benefits of the Worldwide Disclosure UK programme are clear. Taxpayers who voluntarily disclose information about their offshore assets and income can avoid the risk of criminal prosecution, reduce their penalties, and avoid the stress and uncertainty of being investigated by HMRC. Those who choose not to disclose their offshore liabilities and are later discovered by HMRC can face significant penalties and criminal prosecution.
If you have any offshore income or assets that you have not fully declared, it’s important to act now and make a voluntary disclosure under the Worldwide Disclosure UK programme. This will enable you to settle your tax liabilities and avoid the risks associated with non-disclosure.
In conclusion, the Worldwide Disclosure UK programme provides taxpayers with the opportunity to come clean about any offshore tax liabilities and to pay any outstanding tax due. The programme has been successful in raising considerable tax revenue and identifying individuals with offshore assets. If you have any offshore income or assets that you have not fully disclosed, it’s important to take advantage of this programme and avoid the risks associated with non-disclosure.
If you have received a nudge letter from HMRC and need help with Worldwide Disclosure, we at Spherical Accountants can help you. Based in London, we have successfully dealt with many Worldwide Disclosures.
Should you need help, please get in touch with us on 020 7859 4047 or book a free initial call by clicking here.