Own up over foreign income before October, says HMRC

The UK’s HMRC tax authority has issued a warning that ‘substantially higher’ penalties will be in place from October 1, 2018, for anyone who has failed to pay all tax due on ‘foreign income and assets’ in recent years. 

It advises making a disclosure to HMRC before the cut-off date.

HMRC says most people do declare correctly and pay the tax they owe, but in some cases people may have not been aware of their responsibilities.

If in doubt, it says you should ...

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