Do you have money or other assets abroad?

Posted on 23rd February 2017 by Streets What's trending?


Image to represent Do you have money or other assets abroad?

HM Revenue and Customs (HMRC) is getting tougher on those not paying the right amount of tax from their offshore activities.


Since 2016, HMRC has been getting new financial information, including details about overseas accounts, structures, trusts and investments from more than 100 jurisdictions. HMRC are also using information, supplied by overseas banks, insurers, and wealth and asset managers, to identify those who are not paying what they owe.

If you have already declared all of your past income or gains to HMRC, including those from overseas, then you do not need to be concerned. If you are unsure if you have declared everything correctly then please do contact us. We can then consider the tax implications and potential mitigation.  

It is easier and much better to ensure your affairs are in order now to ensure that potential HMRC fines and penalties are avoided. Penalties are increasing for those who don’t pay the right amount of tax on their offshore assets and they can face criminal prosecution and/or a tax enquiry investigation.

To ensure that our clients are able to protect themselves from the unexpected professional fees associated with an investigation or enquiry we strongly recommend that you subscribe to our specialist tax investigation fee protection service.  For further details of this service please contact your usual Streets’ Partner, click here or email feeprotection@streetsweb.co.uk


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The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


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