The data released under the Freedom of Information Act reveals that HMRC made 620 data requests to foreign tax authorities in 2022, nearly double the number in 2021 (322) and the highest number since 2018.

This means that more UK tax residents with undisclosed foreign income will now receive inquiry letters from HMRC under the Worldwide Disclosure facility to share their foreign income details.

Making unprompted disclosures is beneficial to avoid paying higher penalties. If you have received foreign income, even though you have not remitted that income to the UK, then it could be taxable in the UK, then it might be the right time to contact Tax Professionals to assist you.

WIM Accountants are here to help businesses with their accounting and taxation needs.

ACCAWe are a member firm of Association of Chartered Certified Accountants

ACCAWe are a member firm of Chartered Institute of Taxation

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