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’.
    [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

Agents: beware of HMRC’s ‘informal’ enquiries

Tax Investigation
HMRC are telephoning agents to make friendly, 'informal' enquiries about entries in their clients' tax returns. Beware: this circumvents the rules.
2 Nov, 2017

HMRC certificates of tax position: don’t get caught out

Tax Investigation
HMRC are now issuing 'nudge letters to clients with overseas assets and investments.
10 Oct, 2017
Follow my company on LinkedInFollow me on TwitterWatch my channel on YouTube