HMRC Offshore Disclosures
Do you have an offshore bank account, investment accounts, own property or have business interests abroad? If so, you must speak to HMRC about offshore disclosures.
Many people think they can easily conceal untaxed income and gains from the HMRC by putting their assets into an offshore account. In recent years HMRC investigations have stepped up and HMRC has made a concerted effort to put an end to this. Following agreements made with other countries they are now receiving much more information about assets held abroad by UK residents. This includes bank and investment accounts, properties and business interests.
HMRC has also increased the maximum penalties that can be applied to cases where offshore accounts have been used to evade tax.
What Happens In An HMRC Fraud Investigation?
Dealing with HMRC whether you are a UK resident or domiciled in the UK can be a complicated area and HMRC may request information from you which they are not required to give to them. It is entirely justifiable to operate offshore bank accounts and there will not necessarily be any tax liability in the UK.
As tax investigation specialists, MS Taxes will discuss your circumstances with you and establish whether HMRC is entitled to the information they have requested. If we believe HMRC is not entitled to the information they have requested, then we will advise them of this and ensure that you only provide the documentation and information they are legally entitled to. However, if you wish to provide all the information to them voluntarily basis then we will make sure HMRC is made aware of your extra co-operation of providing these documents to them.
If, however, you have used an offshore bank account to conceal untaxed income or gains then MS Taxes can handle the offshore disclosures investigation for you on your behalf.
Find out why you are being investigated by HMRC here
So, whether you need to speak to us about an investigation, voluntary offshore disclosure or currently have or have previously held an offshore account, then please call our offshore specialist team on 0333 5776909 or email firstname.lastname@example.org