An offshore issue includes an unpaid or omitted tax from sources outside the UK relating to income, assets, or any activity generating profit, or even funds transferred to another country.

You must declare the value of all your assets (cash; bank accounts; savings; trusts; debts owed to you; loans; deposits; stocks and shares; pensions; insurance; land and property; vehicles; boats; aeroplanes; art; jewellery; etc.) outside the UK at any point over the last 5 years which should be calculated from the date of your disclosure.

The value of all your assets must be converted and calculated in pounds sterling (£) very carefully so that your disclosure does not lead to civil intervention or criminal prosecution. In addition, you will need to inform the main jurisdiction of your offshore assets.

You can use the DDS if you are an individual or a designated member of a limited liability company, or a trustee of a trust, a representative of an estate, an officer of a company, or an agent.

It is possible to calculate how much you owe using one of the following calculators provided by the UK Government website. However, these calculations can be complex, so it is better to contact one of our professionals to help you with this service.

If you fail to complete your disclosure with the HMRC or omit any information, they may apply penalties or even open civil or criminal investigations, as well as publish your details on the GOV.UK website.

Your behaviour will be analysed during the disclosure process as a self-assessment and depending on how you behave or refuse to cooperate, you may be liable for criminal prosecution.

To make a disclosure you will need a Government Gateway user ID which can be created when you use the Government service, as well as your National Insurance (NI) number, VAT registration number, Unique Taxpayer Reference (UTR) number, and case reference number.

You will then be given a Disclosure Reference Number (DRN) upon notification and a Payment Reference Number (PRN) when paying what you owe.

It is not possible to complete the disclosure with a spouse or any other family member. Similarly, it is not possible to disclose income for a company together with the director. Therefore, each person must complete separate disclosures.

Yes. It is possible to do this using the DDS, if you are a personal representative or executor of the deceased or their interests. However, the HMRC may ask for evidence that you are authorised to represent them.

When requesting your disclosure, you will have to send an offer letter which will be responded to within 15 days of submission. You should then complete your disclosure within 90 days of receiving the notification informing your DRN.

Yes, it is possible to request extra time. Considering that the normal deadline is 90 days, and it is possible to request a further 90 days to make your disclosure if needed, the total time to deliver it is 180 days. This request can simply be made directly to the HMRC.

One of the requirements of the WDF is that you pay the amount due in full at the time of submission of the disclosure, according to how the HMRC informs you to make the payment and when. If you do not have enough money to pay what you owe it is possible to plan before submitting the disclosure.

A higher penalty could be charged. However, each case is analysed individually by a professional and the HMRC.

Some inheritance tax disclosures can be for over 20 years, which cannot be disclosed using the DDS, and only the WDF.