Worldwide Disclosure Facility (WDF)

We can help you approach HMRC.

About the WDF

The Worldwide Disclosure Facility (WDF) was introduced on 5 September 2016 following the closure of the Liechtenstein Disclosure Facility (LDF) and is a new facility to make a voluntary disclosure relating to ‘offshore interests’.

  • HMRC has increased its focus on the ‘tax gap’ and is increasing transparency across global tax authorities in an attempt to end tax evasion.
  • It is important for you to ensure you are fully tax compliant, or you could face severe penalties from HMRC.
  • This needs to be done whether you are an individual, company or a trustee.

How we can help

We can:

  • review your tax position
  • research and deliver an assessment of your risk
  • assist you with making a voluntary disclosure
  • guide you through a current investigation.

Why you need to review your tax position

  1. Increasingly complex and constantly changing UK tax legislation
    • The rules concerning offshore matters have changed drastically and rapidly.
    • Heavy anti-avoidance measures have been introduced, aimed at offshore trust structures and overseas property structures.
    • You could be inadvertently affected by unknown issues created by third parties (e.g. changing residence status, changes to complex trust rules that have not been appreciated).
  2. Increasing global transparency
    • The new Common Reporting Standard is now in force, which is an automatic exchange of financial information between countries.
    • HMRC’s ‘connect’ software allows the collection and analysis of millions of lines of data means you might be susceptible to investigation, even if you do not realise you have a tax issue.
  3. Penalties and other consequences
    • HMRC is prosecuting more cases and demanding higher penalties for offshore offences (up to 300%).
    • You could be at risk of reputational damage from HMRC’s ‘Name and Shame’.
Array
(
    [activate_filter] => 0
    [terms_query] => 0
    [hide_content] => 0
    [full_content] => 0
    [hide_dates] => 0
    [layout] => boxes_new
    [sticky] => 0
    [hide_links] => 0
    [hide_read_more] => 1
    [hide_title] => 0
    [hide_authors] => 1
    [hide_tags] => 0
    [hide_classes] => 0
    [hide_comments] => 1
    [show_yearcount] => 0
    [imgwidth] => 6
    [count] => 2
)
14

New corporate offence of failure to prevent the facilitation of tax evasion

VAT | Corporate
Business need to ensure they are protected from both the financial and reputational risks associated with this new offence.
11 May, 2017

Budget 2017: New penalties for tax avoidance

Tax investigation
Tough new penalties for "professionals who enable".
8 Mar, 2017
Follow my company on LinkedInFollow me on TwitterWatch my channel on YouTube