HMRC Publicise How to Make a Voluntary Disclosure of Tax Errors
HMRC publicise on their own website the way to make a voluntary disclosure of tax errors or irregularities. It states that:
It believes that its customers want to pay the right amount of tax and wants to help those that are not paying the right amount to put that right.
The Digital Disclosure Service gives individuals and companies a chance to bring their affairs up to date in a simple, straightforward way.
Through this, if you owe tax on your income, you must tell them about any unpaid tax. You’ll then have 90 days to calculate and pay what you owe. Their guide explains how you can do that.
But Lindsay advocates care as the service is not easy to complete properly and it can require hours of background work to be done to produce the figures of profit, tax, interest and penalty charges you need to input! 1.2 The scope of the DDS
The DDS can be used by individuals and companies who have a disclosure to make about:
- Income Tax
- Capital Gains Tax
- National Insurance contributions
- Corporation Tax
- Annual Tax for Enveloped Dwellings (ATED)
Examples include a business that has not declared all its income or a business that’s trading and has not registered with HMRC for one or more taxes.
Lindsay is very experienced in these matters and recommends them as the best way to disclose with minimum HMRC intervention if any!
Please get in touch if you’ve got any HMRC problems. Lindsay will be happy to give you her advice, so give Lindsay a call on 07879 464 577 for a friendly chat.
