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Where Taxpayers and Advisers Meet

Worldwide Disclosure Facility-Individual

nuttall82
Posts:1
Joined:Thu Nov 16, 2017 11:46 pm
Worldwide Disclosure Facility-Individual

Postby nuttall82 » Thu Nov 16, 2017 11:58 pm

Hello
I'm a UK resident who has had a bank account in the republic of Ireland since 2010.
I was paying DIRT tax on the interest earned in Ireland so I did not realise I needed to pay tax again in the UK.

I am trying to complete the Worldwide Disclosure Facility with minimal tax knowledge and the helpline is giving conflicting advice on which tools to use and they can't give individual help. The link for the 19 year calculator when I eventually got it open stated 'it was for illustrative purposes only'.

The maximum amount of interest earned was £662.90 (tax year 2011/12), for most tax years it was less than £450 but I understand I have to declare everything for each year since the account was opened?
The deadline is fast approaching (04/12/17) and I have spend so many hours trying to find out how I calculate the Tax and duty I owe.
Can anyone give me some help with this? I can't afford to employ a professional tax adviser.

Thanking you in anticipation!....

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Worldwide Disclosure Facility-Individual

Postby bd6759 » Sat Nov 18, 2017 1:46 am

I can't afford to employ a professional tax adviser.
The figures you quote suggest that you can afford one. The real question is whether you can afford not to.

robbob
Posts:3228
Joined:Wed Aug 06, 2008 4:01 pm

Re: Worldwide Disclosure Facility-Individual

Postby robbob » Sat Nov 18, 2017 12:47 pm

I was paying DIRT tax on the interest earned in Ireland so I did not realise I needed to pay tax again in the UK.
silly question perhaps - what rate of tax was deducted at source here (or effectively paid if you had tax deducted rebated/partly rebated at a later stage).

Other associated relevant info
Have you always been uk resident?
What is your approximate other "taxable income" for the tax years in question - possibly concentrating on year where interest amount was at its biggest.

wamstax
Posts:2019
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Re: Worldwide Disclosure Facility-Individual

Postby wamstax » Sat Dec 02, 2017 2:36 am

The question here is we’re you careless or was your tax evasion deliberate. If it was careless - a possible reading of your comments - then HMRC can only recover tax interest and penalties for 6 years Of course if you paid foreign tax then you would be entitled to double taxation relief -DTR- (up to the extent of uk tax as a maximum) and interest and penalties would only be reckonable on the net UK Tax unpaid after the DTR
You say you can’t afford professional help but I fear that you are trying to get something for nothing and that doesn’t always work to your advantage
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites


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