Have You Received A Nudge Letter From HMRC Recently?

The letters have started! If you have undeclared overseas property, accounts or investments, HMRC is going to nudge you ...

Now, that the Common Reporting Standard (CRS) international information exchange is covering the entire G20, nearly 60 tax jurisdictions began sharing data in 2017 and more have been added this year.

If you receive a nudge letter from HMRC, it does not necessarily mean your tax position is wrong in the UK, but it does mean that they've seen something of interest to them and you should seek specialist tax advice before replying.

But the nudge letter is not just a nudge letter. HMRC are expecting a response from you. Either, "Yes, I need to make a disclosure" or "No, no amendments are required". If you don't respond, then the chances are, HMRC will open an investigation.

Likely, individuals who need to make a disclosure will fall into the Failure To Correct regime, and you will face a penalty unless you have a good excuse. But remember, receiving a nudge letter means you're on the radar and if you don't act, you will be investigated because HMRC has seen something in the data they've received via CRS from another tax jurisdiction.

If you've received a nudge letter from HMRC, then do give me a call on 01908 774323 or click here to ping me an email and let's see how I can help you.

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More about Helen Beaumont ...

Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.

Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.

When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.

Have You Received A Nudge Letter From HMRC Recently?

You're going to need urgent tax advice ...