What happens if you don’t declare liabilities?

After the deadline of 31st March 2010, HMRC will review the affairs of taxpayers whose payment details they hold and who have not informed HMRC of their intention to make a disclosure.

HMRC will identify those taxpayers by:-

  • Comparing information they already hold with taxpayers’ UK tax histories
  • Continue to use powers to obtain detailed information about additional payments made
  • Contacting customers and undertaking compliance checks or enquiries to resolve matters.

If HMRC find that any taxpayer has additional taxes due, and have not advised them of their plan to disclose them, they will seek higher penalties than the 10% available under the THP.

Those penalties could be up to 100% of the additional tax due and are unlikely to be less than 30%.

If a disclosure made under the THP is incomplete or inaccurate then HMRC will consider the initiation of a criminal investigation.

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