- April 25, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Seeking Help with Tax Situation in the UK
Hi all, I am reaching out for assistance in a time of extreme panic as I have recently come to the realization that I have made a serious mistake regarding my tax situation in the UK. I am in urgent need of guidance as I have been working in the UK for the past 10 years with taxes automatically deducted by my employer. However, I have failed to declare my foreign investment income, which is from the US as I am a US citizen. Despite declaring my UK income in the US and paying additional taxes accordingly, I neglected to disclose my foreign investment income.
Adding to my already complex situation, in December 2020, I inherited a substantial amount of money following the death of a parent. I failed to declare this inheritance, which significantly increased my yearly investment income. I am unsure about the tax implications of this inheritance in the UK, especially considering my domicile status.
In light of these issues, I am considering reaching out to the UK tax authority to proactively address the situation. I hope that by approaching them myself, I may be able to mitigate the potentially substantial fines I face for my decade-long oversight and negligence.
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I would recommend a firm that specifically deals with expat tax returns – plenty out there.
I would not send anything to HMRC until you’ve expressly discussed the situation with an advisor and agreed the best path forward. You’ve waited this long, I honestly can’t imagine a further two weeks whilst you find an advisor and agree a path forward is going to make a big difference.
Inheritance isn’t taxed at recipient level so you should be ok there.
The penalty regime for offfshore tax compliance failures is worse than normal so you want to approach HMRC unprompted to get the best possible penalty outcome
Hi /u/Remarkable-Bird-5794, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/lump-sum/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)