Worldwide Disclosure Facility

Worldwide Disclosure Facility Services

Protecting Your Confidentiality

How do we help you with Worldwide Disclosure Facility Services?

Ensure offshore financial compliance with Taxaccolega Accountants, your best choice for expert accounting.

Managing the complexities of offshore income and assets can be challenging. With ever-tightening regulations, it is essential to ensure all your international financial affairs are in order. At Taxaccolega Accountants, we provide expert guidance and comprehensive services for the Worldwide Disclosure Facility (WDF), assisting you in disclosing any previously undeclared offshore income and assets to HMRC.

What is the Worldwide Disclosure Facility (WDF)?

The WDF is an initiative by Her Majesty’s Revenue and Customs (HMRC) that allows individuals and businesses to voluntarily disclose offshore income and assets that have not been previously reported. Utilising this facility can help mitigate penalties and bring you into compliance with UK tax laws.

The Benefits Of Hiring An Accountant

Initial Consultation and Assessment

Our experienced tax advisors will conduct a thorough assessment of your financial situation. We will identify any undeclared offshore income and assets and evaluate your potential tax liabilities.

Registration and Documentation

We will assist you in registering your intent to disclose with HMRC and ensure all necessary documentation is meticulously prepared and submitted.

Accurate Calculations

Our accountants will calculate the exact amount of unpaid tax, including interest and penalties, ensuring you meet your obligations without overpaying.

Negotiation with HMRC

We will represent your interests in negotiations with HMRC, aiming to secure the most favourable terms and minimise any penalties.

Ongoing Compliance Support

After disclosure, we provide continuous advice and support to help you remain compliant with tax regulations, thereby preventing future issues and ensuring peace of mind.

FAQs

Who should use the Worldwide Disclosure Facility?

Anyone with undeclared offshore income or assets should consider using the WDF. This includes individuals, trustees, and companies that have not previously reported foreign income, investments, or properties to HMRC.

What types of income and assets need to be disclosed?

You need to disclose all forms of offshore income and assets, including foreign bank accounts, rental income from overseas properties, investments in foreign companies, and other international financial interests.

What are the benefits of using the WDF?

By voluntarily disclosing through the WDF, you can potentially reduce the penalties imposed by HMRC compared to if they discover the undeclared income or assets independently. It also helps ensure full compliance with tax laws, avoiding legal issues.

How long does the disclosure process take?

Penalties depend on various factors, including the amount of undeclared income and the length of non-compliance. Using the WDF can reduce penalties compared to HMRC discovering the non-compliance independently.

What penalties can I expect?

The timeline can vary depending on the complexity of your financial situation and the amount of undeclared income or assets. However, we aim to complete the process as efficiently as possible, typically within a few months.

Is the information I provide kept confidential?

Yes, at Taxaccolega Accountants, we handle all disclosures with the utmost confidentiality and professionalism. Your privacy and the security of your financial information are our top priorities.