BH
Taxation
HMRC Disclosures
Bringing Your Tax Affairs Up To Date
If you have undeclared rental income, capital gains, self-employment profits or other income that has not been reported to HMRC, it is often better to come forward voluntarily before HMRC contacts you. In many cases this can result in lower penalties and a quicker resolution.Â
We provide a safe, confidential environment to discuss your situation. We use plain English to explain your options and lead the correspondence with HMRC on your behalf, focusing on achieving a fair settlement and peace of mind.
What Is An HMRC Disclosure?
Unprompted Disclosures
Prompted Disclosures
Why Come Forward?
An HMRC tax disclosure is a formal way to tell HMRC about income, gains, or tax liabilities that have not been correctly reported in the past. It is a proactive process that allows you to bring your tax affairs fully up to date by calculating what is owed, including any interest and penalties.
An unprompted disclosure occurs when you approach HMRC yourself before they have contacted you about a specific issue. This is generally the best approach as it demonstrates a willingness to cooperate, which often leads to significantly lower penalties.
A prompted disclosure is made after HMRC has sent a letter or started an enquiry. In these cases, you are reacting to their investigation. While more challenging than an unprompted approach, making a full and accurate disclosure at this stage is still vital to prevent penalties from escalating further.
HMRC has access to more data than ever before, including information from banks and international tax agencies. Coming forward voluntarily offers several key advantages:
- Significantly lower penalties compared to if HMRC discovers the omission themselves.
- Assurance that your tax affairs are resolved and legally compliant.
- Assistance in managing the payment process calmly and professionally.
How BH Taxation Can Help
We provide comprehensive support throughout the disclosure process, ensuring every detail is handled with precision.
Initial assessment of your tax position and potential liability
Gathering and reviewing the necessary financial information
Preparing the formal disclosure submission to HMRC
Calculating interest and potential penalties to provide certainty
Handling all correspondence and negotiations with HMRC
We provide clear, practical advice at every step of your disclosure journey.
What should I do if I think I need to make a disclosure?
The first step is to seek professional advice. We can review your tax affairs quietly and confidentially to determine if a disclosure is necessary and which route is most appropriate for your situation.
Is my situation kept confidential?
Absolutely. All discussions with BH Taxation are strictly confidential. We provide a safe environment to discuss your concerns and work towards a resolution with HMRC that protects your interests.
Will I have to pay heavy penalties?
Coming forward voluntarily (an unprompted disclosure) significantly reduces the level of penalties compared to HMRC finding the error themselves. Our role is to ensure penalties are kept to the absolute legal minimum.