{"id":89646,"date":"2018-03-06T15:06:27","date_gmt":"2018-03-06T15:06:27","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=eb9b5e1c2b81d86c80c80c01b405e87b"},"modified":"2018-03-06T15:06:27","modified_gmt":"2018-03-06T15:06:27","slug":"press-release-hmrc-warns-offshore-tax-dodgers","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=89646","title":{"rendered":"Press release: HMRC warns offshore tax dodgers"},"content":{"rendered":"
\n

Time is running out for anyone with offshore assets before tougher penalties kick in, as HM Revenue and Customs (HMRC<\/abbr>) publishes proposals to allow more time to investigate when someone hasn\u2019t declared the right amount of tax.<\/p>\n

The new, tougher penalties take effect from 1 October 2018 and HMRC<\/abbr>\u2019s advice is that anyone with overseas assets needs to put their cards on the table quickly or risk much bigger fines. As is always the case, HMRC<\/abbr> will prosecute the most serious cases of tax evasion.<\/p>\n

The Director General for Customer Strategy and Tax Design at HMRC<\/abbr>, David Richardson, said:<\/p>\n

\n

Everyone has to pay their tax, and the vast majority of people and businesses already do. It\u2019s on their behalf that we\u2019re cracking down on offshore tax cheats.<\/p>\n<\/blockquote>\n

These new penalties are part of the government\u2019s drive to ensure there are no safe havens for taxpayers that seek to evade paying tax. HMRC<\/abbr> already holds a vast amount of data on offshore assets, and this is growing all the time.<\/p>\n

The majority of taxpayers with offshore assets already disclose them in line with UK law so have nothing to worry about, but time is running out for the minority of tax dodgers.<\/p>\n

The government recognises that some people may not realise that they must declare their overseas income to HMRC<\/abbr> if, for example, they have worked overseas or are receiving income from a rental property outside the UK.<\/p>\n

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People with overseas income who aren\u2019t sure they\u2019ve paid the correct tax are urged to check HMRC<\/abbr>\u2019s guidance<\/a> and contact HMRC<\/abbr>, if necessary, before the new, tougher penalties take effect.<\/p>\n<\/div>\n

HMRC<\/abbr> has recently published a consultation on the implementation of a new minimum time limit of 12 years<\/a>, announced at the Autumn Budget 2017, for HMRC<\/abbr> to assess offshore tax.<\/p>\n

Further information<\/h2>\n
    \n
  1. \nFurther guidance on making a disclosure<\/a>.<\/li>\n
  2. Technical guidance on the Requirement to Correct for agents<\/a><\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Anyone with offshore assets is being warned to make sure they disclose them, or they could face new, tougher penalties.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/89646"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89646"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/89646\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}