Worldwide Disclosure Facility

HMRC have set up the Worldwide Disclosure Facility (WDF) to help individuals ensure any offshore income has been disclosed correctly.

Set up in 2016 to increase international tax transparency, the Worldwide Disclosure Facility (WDF) allows individuals to disclose any undeclared income and pay the correct amount of tax in the UK.  HMRC receives financial information about individuals from over 100 countries which allows them to check declarations made by UK taxpayers and helps them identify any potential offshore income, money, investments, gains or assets that they have not been made aware of. 

If you have received a ‘nudge’ letter from HMRC then it is likely they have some information about your affairs and believe that there may be some offshore irregularities. This is a prompt for individuals to review their tax affairs and make a WDF disclosure. 

It is not uncommon for people to believe that their overseas income does not need to be declared in the UK because they have suffered tax overseas already. Quite often this is not the case and disclosure is also required here in the UK, sometimes with additional tax being payable here.

These letters must not be ignored as they can result in an investigation being opened which could result in potential penalties relating to the tax non-compliance. Whether you have received a letter or wish to make a voluntary disclosure it is always prudent to consult with a tax expert to ensure your tax affairs are in order and you can have confidence you are compliant. Our team of experts have been handling many undeclared income disclosures for individuals that have offshore assets and received a ‘nudge’ letter. We offer a free 30-minute consultation to gain an understanding of your situation and establish how your situation can be handled in the most tax-efficient manner. 

What our clients say

« Bracey’s have provided us with a whole host of advice – personal tax, PAYE, R&D claims, Corporation Tax, payroll & pensions. As with a lot of businesses, we have randomly been selected for a VAT enquiry from HMRC. This can be quite a daunting occasion for a small business but the team from Bracey’s attended our offices to offer HMRC any information they needed and they conducted themselves in a capable, unfazed manner «

Managing Director, Hertfordshire Technology Firm

« Bracey’s have dealt with a number of areas as part of my tax return including foreign exchange income, online sales, buy to let income, VAT registration, advice regarding companies house and everything else in between. Nothing has been too much trouble or too complicated. «

Gerard Sandford, LLP

« Bracey’s have been instrumental in streamlining my invoicing procedure, they are speedy with their responses, friendly and always extremely patient; which if you knew me, is really needed! Braceys have provided me with accounts/tax/invoicing and all the usual; but on top of this, advice on a whole manner of situations that arise in my business. «

Jim Erwood - Founder - Extra Time Management Ltd

Braceys Logo
close icon