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??
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??