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Who needs to know this?

Those liable to UK tax who know or suspect that they may not have correctly declared their income and gains to HMRC should give serious consideration to making a voluntary disclosure to HMRC.

We have partnered with Markel Tax who can assist with the preparation and submission of disclosures to HMRC either directly with individuals or via their accountants and other advisers allowing them to enhance the service that they offer their clients.

Voluntary disclosures are made before any prompt, usually by way of a “nudge letter”, is received from HMRC. However, they are often prompted by either:

  • A death in the family or a desire to regularise one’s tax affairs to ensure loved ones do not have to do so later
  • A transaction, such as the purchase or sale of a business
  • Increased tax transparency through global agreements such as the Common Reporting Standard and an awareness that HMRC are due to receive details of sources of undeclared income or gains
  • Media reports of HMRC’s current focus and campaigns

Why is it important?

Making a voluntary disclosure to HMRC allows the taxpayer, via their adviser, to take control of the issue before any investigation by HMRC. Any penalties will be charged at a lower rate resulting in a better financial outcome than an approach from HMRC.

What are the advantages of seeking specialist support?

No two tax disclosures are the same and we invest time in establishing the facts to ensure that any disclosure we make is full and complete avoiding any unnecessary follow up queries from HMRC.

This is crucial because classification of the behaviour of the taxpayer should be made as early as possible in the disclosure process as this affects:

  • The disclosure route to be used
  • The number of tax years required to be disclosed
  • The correct penalty to be proposed to HMRC
  • Possible suspension of the penalty
  • The taxpayers exposure to the Deliberate defaulter’s regime, which includes “naming and shaming”

The approach of the team at Markel Tax includes preparing a written narrative to include all the information that HMRC will expect to have received and reviewed before they can accept a disclosure. We know what information is likely to satisfy HMRC and can pre-empt any queries that may arise.

Please contact James Cordiner,, tax investigation manager at Markel Tax, , for a no obligation and confidential discussion if you are considering making a disclosure to HMRC.

Markel Tax is a trading name of Markel Consultancy Services Limited. Registered in England and Wales, company no: 08246256. Registered address:  20 Fenchurch Street, London, EC3M 3AZ. VAT no. 245 7363 49

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