Worldwide Disclosure Facility

The Worldwide Disclosure Facility (WDF) is a digital service that HMRC provides. It enables taxpayers to voluntarily report any non-compliance with offshore regulations regarding their international financial interests. This facility is open to individuals, companies, and trustees, regardless of whether they are residents in the UK.  

Through the Common Reporting Standard (CRS), HMRC obtains financial data from more than 100 countries. This data is used to cross-reference with the financial declarations provided by taxpayers in the UK, to identify possible non-compliance to offshore activities.  

Therefore, despite the WDF not providing the same level of leniency as the previous LDF, it stands as your best course of action. Consider it as taking timely action to prevent potentially greater future consequences. Participating in the worldwide disclosure initiative can help individuals ensure their international financial matters are compliant with tax regulations.   

 

What should you do if you receive a ‘nudge’ letter? 

If HMRC directly sends you a letter, remember not to ignore the correspondence, since there might be information about your offshore interests, and they suspect irregularities in your UK tax matters.  Experience peace of mind with HMRC disclosure services and ensure stability in offshore compliance. 

 

Lanop Accountants, with its dedicated experts in Tax Compliance and Resolution, are well-prepared to guide you through the WDF process. They have a proven record of successfully assisting clients in resolving offshore non-compliance matters. By collaborating with Lanop Accountants, you can approach the WDF process confidently, knowing you have a dedicated team supporting your disclosure journey. 

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HMRC disclosure penalties are imposed for:

  1. Late tax return submissions.
  2. Submitting false or inaccurate tax information.
  3. Not reporting all income or gains.
  4. Failing to disclose offshore assets or income.
  5. Involvement in tax evasion or fraud by hiding income or assets.

For a prompted FTC disclosure, the maximum penalty is 200% of unpaid tax. With a complete and accurate disclosure, this can be reduced to 150%. For an unprompted FTC disclosure, the minimum penalty is 100% of unpaid tax, if you make a complete and accurate disclosure.

 

  1. Registration: Begin by notifying HMRC of your intent to disclose through WDF. Within 15 days, you’ll get a reference number (DRN).
  2. Disclosure: Within 90 days of getting the DRN, submit your disclosure to HMRC. Include unreported income, gains, and calculations for tax, interest, and penalties.
  3. Payment: Pay the calculated tax, interest, and penalties when you submit your disclosure. A “time to pay” arrangement can be made with HMRC if needed.

The Worldwide Disclosure Facility, abbreviated as WDF, represents a voluntary disclosure procedure to HMRC for individuals and entities liable for UK tax obligations related to offshore affairs.

You are eligible to make a disclosure for all tax years up to and including 2021-2022. If you have received a tax return for that specific year or any year starting from 2019-2020 onwards, which remains unfiled, you must fill out the respective return separately and should not include these tax years in this disclosure form. 

Our CaseStudy

Joint-Ownership of BTL Property with Wife – Negotiating a Disclosure and Refund Deal with HMRC

The client had nine BTL properties of which only one was jointly owned with his wife. He had been declaring all his rental income throughout these years. Upon contacting Lanop, he was informed that he had been declaring full rental income even for his jointly owned property. In practice, the jointly owned property had to be declared by his wife as her share of rental income separately and the disclosure needed to be made through Let Property Campaign.

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CEO of Lanop

Aurangzaib Chawla

At Lanop, I am providing my services as the Managing Partner and Tax Specialist. My expertise includes helping medium and small-scale businesses in their accountancy and legal requirements, business start-up support, strategic review, payroll system review and implementation, VAT and tax compliance to cloud accounting. I am also an expert in financial reporting, identifying and monitoring risks, strategic business development, client retention, market acquisition and deals closure by carefully planning my sales cycle. 

Muhammad Sohaib

Muhammad Sohaib

Senior Financial Accountant

 

I am a qualified finance professional with over 8 years of diverse experience and proven track-record in accounting and finance, tax planning, preparing annual accounts, dealing with tax investigations and strong customer relationship management. I have also served in the higher education institutes to teach financial accounting and financial management to undergraduates and MBA students. Apart from my core expertise I am also leading and managing Lanop’s team of client managers across continents. I am also responsible for the quality control of the work and the provision of streamlined services to all our customers. Apart from work, I am a real Tennis enthusiast & sports player at heart.

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