What if you have not disclosed by 30 September 2018?
To ensure there was an incentive for taxpayers to correct any offshore non-compliance on or before 30 September 2018, there are increased penalties under FTC. FTC penalties are significantly higher than standard offshore penalties, but can be reduced by submitting an unprompted disclosure through the WDF - making it even more crucial to disclose irregularities as soon as you’re aware of them, and before HMRC nudges or prompts you to disclose.
The maximum penalty for a prompted disclosure under FTC is 200% of the unpaid tax. By submitting a full and accurate disclosure, an FTC penalty can be reduced to 150%.
The minimum penalty for an unprompted disclosure under FTC is 100% of the unpaid tax, provided the disclosure is full and accurate.
Should you have any concerns over the accuracy of your tax affairs, you should consider appointing disclosure specialists. We have extensive experience in assisting clients who wish to disclose errors in their tax affairs to HMRC and helping reduce the extent of any potential enquiry, and mitigate any financial and non-financial penalties that could be applied.