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August 2017 - HMRC & Offshore Accounts for UK Residents

If you have money or other assets abroad, you could owe tax in the UK.

Things are changing – the tax world is becoming more transparent.

On 30 September 2016, HMRC announced that any UK residents who hold offshore holdings (including Bonds, Pensions, Bank Accounts anything that is held outside of the UK) must disclose these to HMRC when submitting their tax return.

Please read HMRCs client notification letter title here.

HMRC is already using information, supplied by overseas banks, insurers, and wealth and assets managers, to identify the minority who are not paying what they owe.

You need to regularly check that you have declared all of your UK tax liabilities and, if needed, bring your tax affairs up-to-date. This is your responsibility. Personal circumstances change. For example, you may have recently inherited assets overseas. Tax laws change too. All of this means that previous advice can be out-of-date, with costly consequences.

If you are confident that your tax affairs are up-to-date, and you have declared all of your UK tax liabilities, then you don’t need to do anything further.

If you are unsure about any of your UK tax liabilities please do not hesitate to contact us on 0141 332 3113 or info@finesco.com





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