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Posted Wed, 01 Mar 2023 13:52:00 GMT by smil
Hello Admins, I hope you can advise on the below issue. I am a UK tax resident, domiciled in the UK. I have recently received a letter saying that HMRC’s information indicates I currently have (or previously had) offshore income or gains and if I have additional tax to pay, to tell HMRC using the Worldwide Disclosure Facility. This letter prompted me to realise that the investment advisor that manages my investment portfolio has matured overseas interests and overseas dividends on some of my investments. This has become clear after enquiring with them and requesting further information. Regretfully, I have been unaware of this until I received the HMRC, and I hope I can rectify retrospectively my position for the amounts received each tax year (from 2016 until the current financial year). The amount of overseas interest does never exceed £470 each year and the amounts of dividend is below 125£ each year. Based on this information, can you help me determine whether I have underpaid tax? If so, I would like to take steps to correct it. Am I able to submit my self-assessment tax returns retrospectively for the previous years? I have never submitted self-assessment returns before, as my employment circumstances did not require it. Is there anything else that I should do? Thank you.
Posted Fri, 03 Mar 2023 14:12:17 GMT by HMRC Admin 30

You will need to reply to the letter that you received with the information of the income received each year as charges may be due for non disclosure.

Thank you.

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