Periodically HMRC offer ‘Disclosure Opportunities’ which are facilities offered for a short period to allow people who have previously failed to pay the right amount of tax to HMRC, to declare their irregularities in return for only a small fixed penalty. It is not an amnesty as tax and interest have to be paid on arrears, but penalties will be limited to 10% or 20% of the tax due for most people.
If you have a disclosure to make and fail to take part in any suitable facility, you will potentially face higher penalties and the risk of prosecution.
RSM Tenon’s Disclosure team is made of ex - HMRC investigators and Chartered Tax Advisers and we have many years experience helping people make disclosures to HMRC and have a long track record of getting very favourable outcomes whether under these facilities or outside of them. Our experience places us as experts for assisting with disclosures under the New Disclosure type opportunities or the Liechtenstein Disclosure Facility.
If you have undeclared income you should seek expert advice without delay.