Overseas income and gains letter

Hi, I am very concerned about a letter I've just received stating that HMRC believes I may have not paid some tax owed on my overseas income or gains. I am very confident this is not the case, however I am worried there is a chance my accountant may have not disclosed something correctly on my return. Obviously I understand that income tax and capital gains tax needs to be paid on overseas assets, but I am not aware of the exact requirements for how this should be correctly disclosed. I have a brokerage account which I use to buy and sell US shares. Each tax year I send all of the relevant information to my accountant who completes my return for me. My concern here is that the total gain over the last few years of these overseas assets is significant – £100,000. And the minimum fine here is 200% of the tax liability. As I say, I believe I have paid all of the tax owed, so I am unclear what the fine here could be. Specifically will HMRC fine me a minimum of £200,000 for a filing mistake on my tax returns even if I paid all of the tax I was supposed to? It goes without saying that a fine of this size would be very difficult to pay and I am extremely scared right now. I do my very best to stay up to date with the tax code and I work with a chartered account to file my returns.

Hi krypro,

You will need to check with your accountant to see what informatoin has already been provided, if no CGT declared, this will now need to be submitted.

Thnk you.