Take part in our new Family Business Survey and have your say! Click here
In recent times HMRC have introduced a number ‘disclosure campaigns’ to allow individuals and businesses to register with HMRC of their intention to disclose income which they have earned without suffering tax.
Campaigns in the past have targeted plumbers, electricians and individuals with offshore interests, and the most recent press release clearly shows why HMRC favour such campaigns with over £610 million being raised from voluntary disclosures and a further £395 million from follow up activity.
Therefore, in order to encourage taxpayers to take advantage of the disclosure campaigns, HMRC have advised that they will offer them the best possible terms. Fundamentally this means that HMRC will look to reduce any potential penalties. There are, of course, conditions attached to this including ensuring full disclosure is given and all information is provided to HMRC in a timely manner.
Currently, HMRC are looking at three separate campaigns which are as follows:
If individuals would like to take advantage of HMRC’s disclosure campaigns they must first register their interest with HMRC. Thereafter, they will be required to complete a disclosure form and provide all relevant information to HMRC.
Whether or not an individual takes advantage of a current campaign or voluntarily discloses untaxed income or gains, full disclosure is recommended at an early date as this will normally result in reduced penalties which could be as much as 100% of the unpaid tax.
All content © 2015 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.
Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson Accountants, Business & Financial Advisers is a trading style of Armstrong Watson LLP. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.
Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales No. 8800970. Registered office: 15 Victoria Place, Carlisle, CA1 1EW
Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales No. 7208672. Armstrong Watson Financial Planning & Wealth Management is a trading name of Armstrong Watson Financial Planning Limited. Registered Office: 15 Victoria Place, Carlisle, CA1 1EW