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Where Taxpayers and Advisers Meet

Worldwide disclosure facility

panlondon1
Posts:4
Joined:Tue Apr 24, 2018 11:37 pm
Worldwide disclosure facility

Postby panlondon1 » Fri Apr 27, 2018 10:56 pm

Hi,

I have received the letter about the worldwide disclosure facility. I have put down in my tax return that i had foreign income but it wasn't remitted. Reading more about it i may have to pay extra tax. I was wondering if anyone knows what's steps do i have to go through if i go to the Disclosure website and enter my details. Do i have to do this or do I need a tax specialist, considering that they can be expensive? Thank you for any information.

TaxAdviser2018
Posts:26
Joined:Tue Apr 17, 2018 1:34 pm

Re: Worldwide disclosure facility

Postby TaxAdviser2018 » Mon Apr 30, 2018 12:44 am

The letter you received regarding HMRC's Worldwide Disclosure Facility (WDF) should include a form for you to complete, sign and return to HMRC. You can then provide the relevant information for each tax year through HMRC's portal. If you already use HMRC's portal for self-assessment, then you can provide the information directly. Otherwise you will need to obtain a Unique Taxpayer Reference (10 digit numerical reference) and registered for self-assessment.

You should collate all of information and prepare a schedule of the income and gains that should be reported to HMRC. Once you have all of the information, this can be reported to HMRC and any additional tax paid including late payment interest etc.

If there is any aspect that you require assistance with, you could engage an accountant to assist you.


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