Following the changes brought in by International Tax Compliance Regulation 2015 on 30 September 2016, with effect from September 2017 HMRC will be sharing financial data with tax authorities around the world under the common reporting standard (CRS) creating an obligation on us as accountants to tell you that:
- HMRC will soon be getting data on overseas financial accounts and assets
- There are opportunities to come forward about your overseas tax affairs, if you need to
- What could happen to those who don’t come forward
The data will be used to cross check individuals’ declared income. Clients need to be compliant with regard to their tax affairs especially overseas tax matters. If you have any undeclared income now is the time to come forward to avoid high penalties and criminal prosecution. If you would like further information or advice on this matter please contact Brian Jukes at firstname.lastname@example.org, Brian King at email@example.com or Jasmine Ruparelia at firstname.lastname@example.org or by phone on 02476 221 046.
More information can be found on the following HMRC fact sheet here.