Our accountants in Manchester can help you to declare any hidden offshore tax liabilities to HMRC, given the news that the government is seeking to make it a criminal offence to fail to declare these.
A consultation paper launched by HMRC is seeking people’s views on the offence itself, and on how to safeguard against breaches.
Financial secretary to the Treasury David Gauke said: “The minority who use offshore secrecy to evade UK tax are making a big mistake.
“There is nothing wrong with holding assets offshore but investors must pay the tax they owe here.”
HMRC are working with people who voluntarily declare hidden offshore assets, to enable them to catch up on any missed tax payments – and around 56,000 people have already done this.
But those who do not come forward voluntarily risk a criminal conviction if they are found out later.
For this reason alone, it is worth acting promptly – and our accountants in Manchester are ready to handle enquiries of this nature, to help get your finances in order.