A call to all individuals with overseas assets.
A new penalty regime comes into effect on 1 October 2018 called Failure to Correct (FTC), aimed at Taxpayers who have income from overseas and have never declared the tax due to HMRC. This could be the dividends you receive on the shares in the USA your uncle left you in his will or the rent you receive on your old home in Australia before you moved to the UK.
We are currently in a period termed the Requirement to Correct (RTC) which gives the taxpayer the opportunity to come forward and declare all of the omitted tax which should have been disclosed, but this window of opportunity closes on 30 September 2018.
HMRC are working with most other tax authorities around the world to gather information on each person to see what they have declared compared to what they should have declared, and with penalties of at least 100% not acting is not an option.
We strongly recommend that you consider your worldwide assets and speak to us if you have the slightest concerns.Share