The tax authorities in the United Kingdom, operating under the…
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.