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Offshore income disclosure for undisclosed foreign income
If you have offshore income disclosure needs, our team can help you navigate the HMRC Worldwide Disclosure Facility . This program allows you to declare previously undeclared overseas income and gains, ensuring compliance and avoiding penalties.
BOOK A CALL BACK CALL USThe WDF opened on 5th September 2016 and can be used by anyone who wants to disclose and pay a UK tax liability that relates wholly or partly to an offshore income and gain.
Worldwide Disclosure Facility
The Worldwide Disclosure Facility (WDF) allows individuals and businesses to disclose UK tax liabilities related to offshore issues. This facility is crucial for those with previously undeclared income or gains from overseas sources.
Using the WDF, taxpayers can correct their tax affairs and potentially avoid severe penalties. Eligible participants must notify HMRC of their intention to disclose and complete the process within 90 days. This initiative promotes tax compliance and transparency in global financial dealings.
Worldwide Disclosure Facility (WDF) Process
Worldwide Disclosure Facility Penalties
- Unprompted disclosure: Minimum penalty of 100% of potential lost revenue.
- Non-voluntary disclosure: Minimum penalty of 150% of potential lost revenue.
- Quality of disclosure: Determines penalty reduction based on timing, nature, and extent of information provided.
- Significant delay in disclosure: Restricts penalty reduction by 10 percentage points above minimum.
- Requirement to Correct (RTC): Introduced higher penalties for disclosures made after 31 December 2018.
HMRC's offshore income disclosure rules and regulations
- Declare all taxable offshore income and gains on UK tax returns.
- Disclose using Worldwide Disclosure Facility (WDF) for unpaid taxes.
- Notify HMRC of intention to disclose within 90 days of receiving DRN.
- Calculate interest and penalties based on existing legislation.
- Unprompted disclosures have lower penalties than prompted ones.
- Failure to Correct (FTC) penalties apply for disclosures after 30 September 2018.
- Offshore penalties depend on territory classification and behavior.
- Disclose both offshore and onshore liabilities during the process.
How we can help?
Here at dns, we have supported hundreds of individuals to bring their tax affairs
in order with HMRC with minimum penalties.
Book a Free Consultation
Specific services
Our specialist tax team works with you to complete the disclosure with the best possible outcome.
- Review your tax position
- Assess the tax years which require disclosure
- Collate the information to prepare the disclosure
- Advise on tax reliefs and exemptions available to you
- Compute the final tax liabilities, including tax, interest and penalties
- Complete and submit the disclosure to HMRC
- Appeal against the penalties
- Assist with time-to-pay arrangements with HMRC
- Assist you in closing any ongoing investigation/enquiry with HMRC
Expert support around the UK
Our accounting expert limited companies team is always available to answer your questions and give you advice.
Award winning experts trusted by many
We're proud of our clients and their success. Find out more about them and
the help and support we provide.
See how dns can help
you today.
Please note a wrong/negligent disclosure could be a criminal offence. Hence you are advised to seek professional advice before responding to the HMRC letter or making a disclosure.
Trusted reviews
Our goal is to provide the best service to all our clients, all the time.
Read what our clients say about us.
I have been using DNS for my offshore company accounts submission/returns for few years. I have found them very well versed in complex tax matters, including offshore income, share dividends, multi-jurisdiction inter-company debts and trust structures. They have been very professional and promt. They have in particular been helpful with navigating compliance the current overseas entity registration regulations and returns. So far they have provided an execelent servcie to me. I shall contiue to instruct them in the future.
I am so impressed with the service of Gourav who has deep knowledge and expertise in resolving Offshore Tax enquiries. He was instrumental in resolving all queries from HMRC in a very detailed way and helped me save good money. I would highly recommend to use there service for any tax matter.
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