HMRC’s worldwide disclosure facility (WDF)
You should of course always disclose to HMRC any undeclared income rather than wait for HMRC to contact you.
There have been a number of disclosure facilities over the years which offer a better and known cost of settlement as opposed to a standard HMRC investigation. The WDF is the final version of these facilities which give the opportunity to come forward and disclose a UK tax liability that relates to an offshore issue. The WDF is available until 30 September 2018 and is something that haysmacintyre have experience of dealing with on clients’ behalf. After 30 September 2018 HMRC will make use of the information they are collating under new sanctions reflecting HMRC’s toughening approach to offshore non-compliance, and the “requirement to correct regime”.