The Worldwide Disclosure Facility, or WDF, is a process of voluntary disclosure to HMRC where UK taxes are due in relation to offshore matters. BDO’s Tax Dispute Resolution team is a national group of over 40 qualified and regulated tax professionals specialising in tax investigations and voluntary disclosure work.
What happens if you fail to declare income?
If you do not report this, you may have to pay both: the undeclared tax. a penalty worth up to double the tax you owe.
When to make a disclosure of offshore income and assets?
Any income you have earned from the asset is taxable from the date you inherited the asset. If you have issues for example in relation to Capital Acquisition Tax or Income Tax, you should take the opportunity now to make a disclosure and bring your tax affairs up to date. I recently moved to Ireland and I have an account in my home country.
Which is part of the offshore voluntary disclosure program?
(1) This transmits revised IRM 4.63.3, Withholding and International Individual Compliance, Offshore Voluntary Disclosure Program, Streamlined Filing Compliance Procedures and Voluntary Disclosure Practice. The Voluntary Disclosure Practice – (Post OVDP).
Can a corporate holder of an undeclared offshore account?
Yes, corporate holders of undeclared offshore accounts can make a qualifying disclosure. Note: A corporation resident in a tax treaty country would not have any exposure to Irish tax and would not be required to make a disclosure. What if a director of a closely held company holds an offshore account, asset or investment?
When to contact the IRS about an offshore account?
In situations where an offshore account or other asset is not included in the estate of a deceased individual and the account/asset is inherited, you should contact Revenue to establish whether there are any outstanding tax liabilities.
