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HMRC Voluntary Disclosures
Making the complex simple
For those with undeclared income or gains it may be necessary to make a disclosure to HMRC.
This could be a prompted or unprompted (voluntary) disclosure.
Prompted disclosure
This is where HMRC approach you and require you to make a disclosure. They will need you to provide certain information based on a tax liability they have found.
Unprompted/voluntary disclosure
As the name suggests this involves you approaching HMRC on a voluntary basis in order to declare unpaid taxes. Making a voluntary disclosure puts you on the front foot and HMRC are likely to deal with you much less harshly that if they prompted you to make the disclosure; for example lower penalties are likely to apply.
HMRC periodically offer voluntary disclosure campaigns or opportunities in certain areas of tax; examples of this include the let property campaign and the profit diversion disclosure facility.
Case Study
Disclosure to HMRC to correct previousmistake
