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HMRC regularly run campaigns aimed at encouraging taxpayers to correct errors in their tax affairs and often do so by targeting specific groups of taxpayers. The Digital Disclosure Service (DDS) can be used to disclose tax liabilities regardless of how the errors or omissions arose, but specific routes to facilitate a disclosure exist for those with undisclosed offshore income and gains, for landlords with undisclosed property income, and for those with income or gains deriving from cryptoasset activity. These facilities are known as the Worldwide Disclosure Facility (WDF), Let Property Campaign (LPC) and cryptoassets tax disclosure facility respectively.

As well as meeting all of HMRC’s minimum requirements, Menzies’ approach is to provide additional evidence to support the online disclosure as is appropriate in the circumstances as this will reduce the risk of HMRC challenging any conclusions reached. Our experts have collectively prepared thousands of voluntary disclosures for clients from a wide range of backgrounds.

In all circumstances it is preferable to make a disclosure voluntarily and unprompted, rather than wait for HMRC to initiate an investigation. By coming forward voluntarily you will benefit from lower penalties and with Menzies’ assistance retain greater control over the process.

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All disclosures made through the DDS, including WDF and LPC, follow the same process starting with an initial online registration to disclose. Once a registration has been made the taxpayer has 90 days to submit their disclosure including a calculation of the total tax, interest and penalties due in accordance with UK tax legislation.

The Worldwide Disclosure Facility (WDF) is an HMRC process which allows anyone who needs to disclose a UK tax liability that relates wholly or partly to an offshore issue to do so. Offshore issues can include income arising for a source or territory outside the UK; assets situated or held outside the UK; activities carried on wholly or mainly outside the UK and funds connected to unpaid or omitted UK income that have been transferred out of the UK.

The Let Property Campaign (LPC) is aimed at individuals who have received property income, in the UK or abroad, but had failed to disclose this to HMRC. The income must derive from residential property and the property cannot be held in a Trust or by a company.

The cryptoassets tax disclosure facility is a voluntary disclosure route available to those who have identified unpaid tax on cryptoasset activity. Cryptoassets (known as tokens, or cryptocurrencies) will include exchange tokens, non-fungible tokens (NFTs), and utility tokens. The disclosure can cover both income tax (from trading or miscellaneous crypto income) as well as capital gains (from investment activity).

We have unrivalled expertise in managing WDF, LPC and all other types of voluntary disclosures. Our clients are allocated a point of contact within the team who they will have direct access to. Please speak to us to find out more.

Keeping your tax affairs up to date with Voluntary Tax Disclosures

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