Disclosure

[vector]

So exactly what happens if you stick your hand up to HMRC and say ..yup made a mistake. I would like to correct it and pay what I am due.
Do they take you into an operating theatre and ready you to have your insides taken out or do you get to meet someone face to face and say this is where I screwed up let's sort this out.

[DCF]

if you want a free no obligation discussion on your options. Message me back.

[vector]

Thanks but it's not for me personally . Its useful Information to gauge eexperience with the theory and misconception that may exist.

[DCF]

Anybody in a position of needing to make a disclosure should seek professional advice from an appropriately experienced tax investigation specialist.

[bd6759]

The answer to your question is "both". Just how deep invasive the operation is depends on how much you owe. If it is 6 figures, they will consider prosecution.

See here: https://www.gov.uk/guidance/admitting-t ... cility-cdf

[LozaACCS]

The OP asks about making a voluntary disclosure, whether by himself or someone else.
The penalty regime differs between different taxes, what can be said with certainty is;
1. HMRC will always charge interest on underpaid tax.
2. Early disclosure is always beneficial because penalties (other than fixed penalties) will be mitigated by voluntary disclosure or if not cooperation with a prompted enquiry, most under statements of tax will be dealt with under Sch 24 FA 2007, which is heavily geared towards the promptness and quality of disclosure.
I have two issues with the post by DCF
1 In this scenario there does not appear to be a tax investigation, why should the OP seek or appoint a tax investigation specialist, (whatever such a person that might be), the "error" may be straight forward and capable of being resolved either by the tax payer or a general practitioner on his behalf, if it is not then he has the opportunity to seek further advice as the need arises.
2 The ethos of this site is to offer free impartial advice upon which the OP can seek further paid for advice, this seems very much like fishing for business to me.

[DCF]

Or the error might be significant and regarded as deliberate.

General Practitioners often do not have the experience in dealing with HMRC enquires. I have seen this too many times. I am not fishing for business. I am retired. If OP wants to post the exact issue with the tax error, it would be much easier to offer free advice. But OP is unlikely to do this.

There are a few disclosure facilities available for taxpayers that have made "errors" that want to come clean. The specialist advice OP needs is to speak to someone with experience to ascertain the issue and decide whether to use a disclosure facility.

So my advice to OP is to speak to a experienced tax investigation adviser for direction, whether it is a simple error or a deliberate omission.

[LozaACCS]

DCF

I apologise for my incorrect interpretation of your post, I clearly did not understand your motive.

[vector]

To Loza - what are these fixed penalties ?

[vector]

Just searched on website. It's the £100 fine plus another £100 if six months plus late ?