You may have made a mistake in your tax return or forgotten to tell HMRC about some income, profits or gains. Telling HMRC before it realises and investigates you usually means the situation is resolved with lower penalties and at less cost to you. This is known as making a voluntary disclosure.
BDO’s Voluntary Disclosure service
BDO’s Tax Dispute Resolution team will advise you on the best way to make a voluntary disclosure to HMRC given your personal situation and the matters to be corrected. Overall our aim is to efficiently bring your tax affairs up to date so that you can move on knowing that all is rectified.
We will handle the process from start to finish. This will involve contacting HMRC, preparing a detailed disclosure including calculating the tax payable, resolving any queries and agreeing the final liability including any applicable interest and penalties.
There are a number of ways in which a disclosure can be made to HMRC which are explained below.
Worldwide Disclosure Facility
HMRC’s Worldwide Disclosure Facility can be used to disclose income tax, capital gains tax or inheritance tax due which relates to offshore income, overseas assets and activities abroad.
HMRC periodically launches campaigns encouraging taxpayers to come forward to voluntarily correct their past years’ tax position.
Let Property Campaign
This campaign is relevant to landlords who owe tax through letting out residential property in the UK or abroad.
Credit Card Sales Campaign
This is for individuals or companies who accept debit or credit card payments in their business which are yet to be disclosed via tax returns.
In addition, HMRC also accepts disclosures relating to any tax or duty in various ways, including via the Contractual Disclosure Facility (CDF).
Please get in touch for confidential, no obligation advice.