If you have money or assets abroad you could owe tax in the UK
HMRC is getting tougher on those not paying the right amount of tax across their offshore tax affairs.
HMRC now receives financial information from more than one hundred jurisdictions, including details about overseas accounts, structures, trusts and investments. HMRC is already using information supplied by overseas banks, insurers and asset managers to identify the minority who are not paying what they owe.
If you are confident that your tax affairs are up to date then you do not need to do anything further. If you are unsure, please speak to us to find out if you need to take further action. If you find that you have got undeclared foreign income or assets, you will need to make a disclosure to HMRC. You will need to pay the full amount you owe at the same time as you make the disclosure.
You could be charged further penalties if you do not declare foreign income or assets, so it is better to tell HMRC as soon as possible.
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