Hi , just a reminder of mandatory masks almost everywhere. Stay safe.

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worldwide facity disclosure

Worldwide Disclosure Facity
#1
The HMRC have just sent me an 'invitation' to complete a Worldwide Disclosure using their relatively new online facility.

Not quite sure why they picked on me, as I have nothing more to disclose, I hope, but my research has unearthed some interesting facts.

The HMRC now receives data from over 100 tax jurisdictions around the world, and this is now collated against personal bank a/c's, social media, airbnb adverts and many other such sources, and then the new system spews out details of persons holding overseas assets, and/or likely to have received overseas income.

This new Disclosure system gives the taxpayer an opportunity to come clean about gains or income from the past.

I do not rent any of my property, and believe that I declare everything fully on my tax returns. Obviously now Spain has recently come onboard and my property tranaction has prompted an enquiry.

But this does act as a reminder to all those people renting to make sure everything is declared. Deliberate witholding of information can apparently result in a 20 year backtax bill plus penalty!!

I'm hoping I got everything correct, or I'm in trouble. Has anyone else received one??
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#2
Not yet anyway  Big Grin
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#3
Yes both my wife and I got them last August / September by letter and if I remember we had 3 options one of which was if we were happy we had nothing to declare do nothing, so as we have no overseas income we have done nothing and not heard anything further.
John T - Dreaming of A Hole In One  Smile
3 users say Thank You to windermeregolfer for this post
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#4
(09-03-2019, 01:02 PM)Archer Wrote: Has anyone else received one??

We're still waiting for the "invitation".
I Heart Fuerteventura
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