Tax Disclosure

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Types of disclosure

Voluntary Disclosure

Voluntary disclosure of unpaid or underpaid taxes will result in:

  • lower professional costs
  • lower penalties
  • allowance for negotiation for protection against criminal prosecution (in serious cases).

Prompted Disclosure

Prompted disclosures will usually carry higher penalties. It is important to seek professional advice, which will:

  • help prevent an HMRC data fishing exercise
  • ensure a high quality disclosure, which will help reduce penalties
  • enable negotiations with HMRC to achieve the best possible outcome
  • ensure the best defence against criminal prosecution (if necessary).

Why disclose now?

Increased chance of discovery

  • There is now an automatic exchange of financial information between countries; the Common Reporting Standard.
  • HMRC’s ‘connect’ software allows the collection and analysis of billions of lines of data, meaning individuals are more susceptible to investigation by HMRC (whether correctly or not).

Consequences of non-disclosure

  • Higher penalties from HMRC which, for offshore offences, could be (up to 300% of the tax due).
  • Reputational damage from HMRC’s ‘Name and Shame’.
  • Change in HMRC stance (more prosecutions).

Contact us

Sean Wakeman
Sean Wakeman
Partner, Head of Tax Resolutions
London
John Cassidy
John Cassidy
Partner, Tax Resolutions
London