HMRC have announced that undeclared overseas income and assets are going to be penalised at a far higher rate after the first of October 2018.

Until the 1^st of October, there is an amnesty period for taxpayers to declare offshore income (Including income gained in the Channel Islands, the Isle of Man, and the Republic of Ireland) and gains under HMRC’s “Requirement to Correct” measures.

It should be mentioned that this amnesty is not something which will involve no fees or penalties whatsoever for declaration, but it does mean that the penalties will be at a lower one. Should you declare overseas earnings after the 30^th of September 2018, it will mean that they will be charged at the new, much higher rate.

A good chartered accountant in North Wales can help you get your affairs in order before it comes too much of a penalty to pay. Interestingly, HMRC have stated that the Requirement to Correct measure can span the past 20 tax years, depending on how they feel the earnings were not declared. Should HMRC feel that the lack of declaration was in error, they will be far more lenient than something that they feel was negligence, or even outright evasion.

This is where a chartered accountant in North Wales comes in. They will be able to bring your tax affairs up to date as detailed above, yet they will also be able to provide reports which will present the information being your accounts, as well as the reason they have gone undeclared, in the best possible light for HMRC.

The important thing to remember with the Requirement to Collect Measures are that a penalty of 100% of the tax due where assets are concealed is only really done when HMRC feel that there was deliberate concealment. A chartered accountant in North Wales will work to provide clear, consise reports which will indicate to HMRC that you are cooperating entirely, and will also indicate that noon declarations are certainly not deliberate.