Olive

If I was filing a worldwide disclosure and the question was ‘how much offshore income did you not tell HMRC about?’ Would this be the total income or the taxable income after allowable deductions?

Thank you very much,I shall contact them .

Feedback .

I am trying to calculate my foreign tax relief from an EEA furnished holiday let. I paid tax on my total income in the country of origin at 19%. There are additional allowable deductions in the UK before paying tax of 20%. If my income was £5000 and I paid (19%)£950 foreign tax. Then in the UK I was able to claim £1500 deductibles and owe (20%) on £3500 taxable profit or £700 UK tax, would I be able to claim back the full £700 UK tax from the £950 tax paid abroad?

I have a furnished holiday let in Spain. All relevant taxes and duties are up to date in Spain but I did not realise I should declare this income on my UK self assessment returns since the taxes were already paid. I now realise that this was incorrect so I am preparing a worldwide disclosure to rectify this accidental ‘failure to notify.’ Please can you explain how to work out penalties for failing to notify when a tax return has been filed on time and the tax has been paid on time but an oversight meant a section that should have been filled wasn’t. The HMRC calculation tool doesn’t seem to factor in this circumstance. Also please can you advise how potential lost revenue is calculated on income from an EEA furnished holiday let where all taxes and duties have been paid in the country of origin and a double tax agreement is in place to ensure that no further taxes are payable in the UK. Is there an alternative way of calculating penalties when the percentage of potential lost revenue is the basis of the calculation but no tax is due?