Don’t fall into the tax gap!

Reading Time: 2 mins

HMRC are on a mission to claw back taxes in order to meet their shortfall. They have turned their attention to those who may be yet to register their status or who are collecting a foreign income in order to close this tax gap. Don’t fall foul of the Taxman’s quest!

Luckily, there is still time for you to put things in order to avoid losing money or getting into trouble. Tax specialists Tax Accountant suggest you will need to move quickly. HMRC are ramping up their efforts to contact people regarding their taxes. Not only have google searches for ‘foreign income’ and ‘foreign tax credit relief’ increased dramatically, but the news that HMRC is investigating hundreds of customers has sparked a frenzy.

Tax Accountant have said HMRC’s investigation into customers’ accounts with Puerto Rican-based Euro Specific Bank in July has led to many people contacting them to find out just what is happening. Many people may have foreign income, and are not sure how it will be taxed by the UK government.

It is important to declare any income you may receive from a foreign source. Many of the people contacting Tax Accountant have said they have offshore income. Some have recently become UK residents and have not informed HMRC of their foreign income. Many inquiries are related to overseas property and crypto assets. It is clear many do not understand their tax status or how foreign income is taxed in the UK.

How will HMRC get in touch?

Between 1st October 2021 and 31st March 2022, HMRC sent out over 9,000 letters to people regarding their taxes. This was part of the Worldwide Disclosure Facility. Tax Accountant have predicted HMRC could issue a further 18,000 to 20,000 letters between now and the end of 2023.

It seems they are eagerly seeking to recover a staggering £93 million in tax, penalties and interest. That’s why it’s important to declare any foreign income you have received in order to not become a ‘moonlighter’. This is a taxpayer who does not disclose their income(s).

Whilst HMRC are doing this to try and plug the gap, a small gap will still remain. It is crucial you don’t fall into it! This could lead to trouble down the line. It is anticipated more ‘nudge’ letters will go out to people across the UK. Thus, Tax Accountant is encouraging people to disclose their incomes at the earliest opportunity.

Aatif Malik, Managing Director and Founder of Tax Accountant, said:

“We are deeply concerned that clients may not have disclosed their foreign income. It might be that they are not sure how to do so or the lack of clarity from HMRC is making it hard to understand if they might fall into this group. It can be hugely unsettling for people who are trying to understand what they need to do, but we’re able to help them understand what needs to be done and when. With HMRC predicted to send out an increasing number of letters out in the coming months, we urge anyone who is in a situation like this to get in touch with our tax specialists.”

The post Don’t fall into the tax gap! appeared first on MoneyMagpie.

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