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Worldwide Disclosure Facility (WDF)
The Worldwide Disclosure Facility (WDF) is a mechanism provided by HM Revenue & Customs (HMRC) for individuals to disclose UK tax liabilities related to offshore issues. If you have unpaid or omitted tax connected to income, assets, or activities outside the UK, the WDF can help you come forward and address these matters.
Eligibility
Eligibility
Anyone with a UK tax liability related wholly or partly to an offshore issue can use the WDF.
Offshore issues include:
Income from sources outside the UK.
Assets situated or held outside the UK.
Activities carried out mainly in a territory outside the UK.
Anything treated as income, assets, or activities of the specified kind.
Funds connected to unpaid or omitted UK tax transferred to or owned in a territory outside the UK.
If your disclosure involves assets or funds suspected to be criminal property, HMRC may refuse your application.
Process
Process
Check your eligibility.
Gather all necessary documentation related to your foreign income and assets.
Make the disclosure online via the HMRC website.
We have dealt with many of these disclosures, so we are best suited to assist you with this matter.
Acknowledgment and Letters
Acknowledgment and Letters
Upon submitting your disclosure, you'll receive an acknowledgment letter within 15 days.
HMRC aims to send an intended course of action letter within 90 days of the acknowledgment.
Due to the volume of disclosures received, there may be delays in receiving letters.
Why Disclose Under the WDF?
Why Disclose Under the WDF?
Common Reporting Standard (CRS):
HMRC receives financial information from over 100 countries through CRS reports.
By disclosing through the WDF, you have more control and can reach a settlement faster.
1 Hour Free Advice
Call us on 0116 2985848
Call us on 0116 2985848
HMRC 'Nudge' Letters
HMRC 'Nudge' Letters
HMRC sends these letters to prompt taxpayers to review their offshore interests.
Please consult with us to determine if a disclosure is necessary.
Complex Tax Legislation
Complex Tax Legislation
Offshore tax rules have changed significantly.
Anti-avoidance measures affect offshore structures.
Global Transparency
Global Transparency
CRS (Common Reporting Standard) facilitates automatic exchanges of financial information between UK and other countries.
HMRC's data analysis can lead to investigations.
Penalties and Reputational Damage
Penalties and Reputational Damage
HMRC's 'Name and Shame' powers can harm reputations.
Unlike previous voluntary disclosure arrangements, the WDF does not offer favorable terms or lower penalties.
Conclusion
Seek Professional Advice. Given the complexities and risks, it's crucial to consult tax experts before making a disclosure under the WDF. Whether you've received an HMRC 'nudge' letter or want to proactively address offshore tax matters, professional guidance ensures accurate compliance.
You can book a Free 1 Hour consultation to discuss your needs with us.
Christopher Carter
Christopher Carter
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Karan Kumar
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Spoke to Smartfield Accountants and the level of care I received on the phone was fantastic and put my worries to rest. Would highly recommend.
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