Tick tock – as HMRC warn it is time to declare offshore assets 3 August 2018
HMRC continue to urge UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September and avoid higher tax penalties.
New legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax . It is possible that some UK taxpayers may not realise they have a requirement to declare their overseas financial interests and actions such as renting out a property abroad, transferring income and assets from one country to another, or even renting out a UK property when living abroad could result in taxpayers occurring tax bill in the UK.
The Financial Secretary to the Treasury, Mel Stride MP, said:
“Since 2010 we have secured over £2.8bn 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.
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.”
Common Reporting Standard (CRS)
From 1 October more than 100 countries, including the UK, will be able to exchange data on financial accounts under the CRS. CRS data will significantly enhance HMRC’s ability to detect offshore non-compliance and it is in taxpayers’ interests to correct any non-compliance before that data is received.
Tax liabilities can be corrected by:
• Using HMRC’s digital disclosure service as part of the Worldwide Disclosure Facility or any other service provided by HMRC as a means of correcting tax non-compliance. • Telling an officer of HMRC, in the course of an enquiry into a tax payers affairs. • Or using any other method agreed with HMRC.
If taxpayers are confident that their tax affairs are in order, no further action is needed however if anyone is unsure, HMRC recommends they seek advice from a professional tax adviser or agent.
Geographical extent: UK wide
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HMRC annual report 2017-18 in bite size segments 6 August 2018
If the size of the recently published 285 page HMRC annual report has proven to be less than appealing to you as a night time read, then maybe some bite sized chunks would prove to be more palatable. HMRC Annual Report and Accounts 2017-18 can be read in full and is available from the HM Revenue & Customs web pages on GOV.UK where you will also find technical notes and statistical data as well as individual sections taken from the report that include:
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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