To increase international tax transparency Over 100 countries have committed to the sharing of information under the Organisation for Economic Co-operation and Development’s Common Reporting Standard (CRS).

Anyone who wants to disclose a UK tax liability that relates wholly or partly to an offshore issue can use the facility. An offshore issue includes unpaid or omitted tax relating to:

– income arising from a source in a territory outside the UK
– assets situated or held in a territory outside the UK
– activities carried on wholly or mainly in a territory outside the UK
– anything having effect as if it were income, assets or activities of a kind described above

UK TAX POINT can assist with calculating your total tax liability and support with submission of your declaration to the HMRC.

If you would like assistance making a declaration with the Worldwide Disclosure Facility then contact us.