Voluntary Disclosures
Sometimes irregularities occur in people's tax affairs, but changes in circumstances at a later date mean that they would like to 'come clean' and volunteer the irregularities to the Inland Revenue.
Such changes in circumstances may be for example:
- where information is likely to reach the public domain in a court hearing.
- death of a relative who had undeclared funds.
- the individuals decide that following severe increases in anxiety and loss of sleep, they will be better off paying what is due and moving on.
However, many people do not know where to start and how to put things right.
We can manage this process on your behalf with the Inland Revenue.
Offshore Banks Disclosures to H M Revenue & Customs
In 2006, following complicated litigation relating to an information request by H M Revenue & Customs to one of the big four banks in the UK, the Courts held that the bank in the UK was liable to supply to HMRC a list of all UK residents holding accounts with one of their off-shore branches.
This has very serious ramifications for all UK individuals holding accounts off-shore. Clearly, it is unlikely that H M Revenue & Customs will stop with the one bank. It is considering how to issue notices to further banks to obtain such 'useful' information which it will use to open enquiries and hopefully collect outstanding tax from UK individuals.
If you hold such a bank account and are concerned as to how to deal with the issues arising from it, we would strongly advise considering making a Voluntary Disclosure of the tax irregularities. Please contact us to discuss.
For a Free no obligation consultation
in confidence please call Geoffrey on 020 7724 8824 or email me at geoffrey@cameronbaum.co.uk