If you or your business have underpaid tax, either unintentionally through simple error or deliberately by understating or failing to declare earnings, you can make a voluntary disclosure to HMRC to rectify the situation. This is always preferable to HMRC starting the enquiry by sending you a letter. So if you’ve got something to declare come forward voluntarily as soon as possible as this will minimise your interest and penalty charges. Using and advisor like Lindsay will definitely pay dividends.
A voluntary disclosure is made to HMRC online and is a declaration to them using their Digital Disclosure Service (DDS) in order to declare unpaid tax, prior to having received any notification from them, so this is called an ‘unprompted’ disclosure.
As a tax specialist Lindsay Henson will help you put your affairs in order using the voluntary disclosure procedures. With you she will be vigilant to ensure that the information provided to HMRC is complete and accurate and that you pay only the correct amount of tax due whilst keeping any interest and penalties as low as possible.
Concessions and estimates can also be built in by her, when of course you may not hold the full records going back the number of years that are needed. A voluntary disclosure places the work on the shoulders of you and the advisor and saves HMRC the costs and effort of raising an enquiry from their end.
If you have something to declare and want to get it off your chest ring 07879 464 577 to speak to Lindsay now.
You can make a voluntary disclosure if you are an individual, a partner in a partnership or the trustee of the trust. An agent can do this for you on your behalf.
You can also use the service if you have any income which has not been declared and the tax remains unpaid ie.
• Income Tax
• Capital Gains Tax
• National Insurance contributions
• Corporation Tax
If you’re looking to make a voluntary disclosure to HMRC, contact us on 07879 464 577.
HMRC regularly launch campaigns to provide opportunities for people to voluntarily put their tax affairs in order. They do this by identifying a group to target and gathering information and intelligence that can be used to encourage and influence that group to come forward. Campaigns launched so far have yielded millions from voluntary disclosures, from groups such as medics, plumbers and electricians.
HMRC are greatly in favour of these campaigns and we can expect to see more in future as their staff are cut or redeployed elsewhere as it is a good way to generate income for the Treasury at the least cost to the revenue. For more details on these see Let Property & Worldwide Disclosure Facility.
