What happens if I don’t tell HMRC about all of my income?
08 August 2017
Whilst few people fail to fully declare their income, those who fail to notify HMRC that they need to submit tax returns or deliberately submit incorrect tax returns are unlikely to fully understand the risks and potential consequences of their actions. In short, HMRC is well equipped to detect this behaviour and may consider it to be criminal.
Of course, there is a simple solution: voluntary disclosure to HMRC. This is unlikely to result in criminal prosecution, provided a complete accurate disclosure is made, and the penalties should be lower. Anyone whose tax affairs are not up to date should contact a specialist tax adviser immediately.
In this article, partner Richard Morley explains three common reasons why people delay disclosure, and the powers that HMRC have to investigate and respond.