HMRC One to Many Letter - remittance basis charge
HMRC’s Wealthy team are sending out letters to those whom HMRC believe should have paid a remittance basis charge in 2023/24. Those who have been resident for 7 out of 9 years will receive a letter outlining the need to make amendments to their returns and pay the £30,000 charge, or move to the arising basis, within 60 days of the letter. The letter states that failure to correct any errors could be met with prompted disclosure penalties as well as additional tax and interest.
Assisting clients with making disclosures to HMRC - guidance for CIOT members
The CIOT has produced guidance for members assisting clients who may have additional tax liabilities to disclose to HMRC. It explains the different processes through which taxpayers can make disclosures and explains that members should choose the disclosure service which is most appropriate for their client’s circumstances given all the issues to be corrected and the reason the inaccuracy(/ies) occurred.