Voluntary Tax Disclosure

1. VOLUNTARY TAX DISCLOSURE Churchill Tax Advisers: UK’s leading tax disclosure and tax enquiry specialists

2. ABOUT US We are a professional and reliable firm of tax specialists and tax advisers and tax investigation specialists in Ilford, Essex, covering London and the whole of the UK with all our services. We are one of the UK’s leading tax specialists and tax advice firms providing a high standard of service to all our clients tailoring our services to meet the needs and requirements of individual businesses. We are regulated by the Chartered Institute of Taxation (CIOT) and Association of Chartered Certified Accountants (ACCA) and are authorized to provide specialist taxation advice.

3. OUR SERVICES • Tax Advice • Capital Gains Tax Advice • Inheritance Tax Advice • Tax Investigations • VAT • Accounting Services • Code of Practice 8 • Code of Practice 9 • Worldwide Disclosure Facility

4. WHAT IS VOLUNTARY TAX DISCLOSURE ? HMRC gives an opportunity to individuals to come forward voluntarily and disclose a previously unknown source of offshore taxable income. Individuals get a chance to sort out their taxes and bring their financial affairs up to date. Replacing the Liechtenstein Disclosure Facility, the Worldwide Disclosure Facility was introduced by HMRC in 2016. The facility can be used by individuals who want to disclose a UK tax liability that relates wholly or partly to an offshore issue, i.e., any income arising outside the UK, assets situated or held outside the UK, activities carried on wholly or mainly outside the UK or funds connected to a UK liability transferred outside the UK.

5. WHAT COUNTS AS AN UNPAID OR OMITTED TAX ? • An income arising from a source in a territory outside the UK• Assets situated or held in a territory outside the UK• Activities carried on mainly in a territory outside the UK• Anything having effect as if it were income, assets or activities of a kind described above If you have an undisclosed offshore income, you must notify HMRC about the unpaid tax as soon as possible. You will have 90 days to calculate and pay what you owe. Therefore, within 90 days of notification, you are required to make a complete disclosure and pay the amounting tax, interest and penalties. The deadline of 90 days can, however, be extended to 180 days where the disclosure is exceptionally complex. Under the worldwide disclosure facility, along with an offshore issue, you must also disclose onshore liabilities if any.

6. WHAT IF YOU DO NOT COMPLY WITH THE DISCLOSURE PROCEDURE ? • HMRC can subject you to a higher penalty than they normally would if you would provide the information voluntarily• HMRC can open a civil or criminal investigation against you• HMRC can publish your details on the HMRC website In some serious cases, HMRC may also choose to launch a criminal investigation against you. Receiving a letter from HMRC stating that you are being invested for an unpaid tax under the worldwide disclosure facility can have damaging consequences on your professional and personal lives.

7. HOW CAN WE HELP YOU THROUGH THIS ? • Manage the entire Worldwide Disclosure Facility Process and taking full control• Submission of the initial disclosure report to HMRC• Regularly communicate with HMRC in relation to your tax disclosure and update you on progress• Communicating with you and your tax adviser/ accountant in relation to the tax disclosure• Coordinating meetings with HMRC• Updating you on the progress of the voluntary tax disclosure and advising you on tax liabilities• Working effectively and negotiate the lowest possible tax and penalties are paid• Filing a full tax disclosure with HMRC and following up to ensure it is agreed in full• Setting up a convenient payment plan on your behalf

8. CONTACT US Address : Churchill Tax Advisers, 3rd Floor – 207 Regent Street, London, UK - W1B 4ND Map Link : https://goo.gl/maps/uwjaoNNneVK2 Phone : (+44)-0203-5000-853, (+44)-0203-5000-853 Email : advice@voluntary-tax-disclosure.co.uk Website : https://bit.ly/2IjQWVH Twitter : https://twitter.com/ChurchillTax Google Plus : https://bit.ly/2KrbsQN LinkedIn : https://bit.ly/2rK1imJ