Let’s be honest. If you’ve got income, assets or investments abroad that haven’t quite made it onto your tax return, you probably think about it more than you’d like. Maybe you always meant to get around to it. Maybe someone once told you it didn’t need declaring. Or maybe you thought, “It’s just a few grand — who’s going to notice?”
Well… HMRC might.
The good news is, you’ve still got an option — a way to get things straight before things get messy. It’s called Disclosure Using the Worldwide Disclosure Facility, and if you’ve been putting things off, now might be the time to do something about it.
What Is the Worldwide Disclosure Facility?
In a nutshell, Disclosure Using the Worldwide Disclosure Facility is HMRC’s way of saying:
“If you’ve missed something on your taxes relating to offshore income or assets, tell us now — before we come asking.”
It’s a formal process. You declare what was left off, explain why, pay what’s due (with interest), and hopefully avoid harsher penalties. It’s far, far better than waiting for a nudge letter, or worse, a full-blown enquiry.
HMRC will still ask questions, and yes, you’ll still have to pay what’s owed — but doing it voluntarily shows good faith. That makes a big difference.
“But I Didn’t Know!”
We hear this all the time. “I didn’t know I had to declare that.” “I thought I was covered.” “My mate said it was fine.”
And genuinely — a lot of people aren’t being dishonest. They’ve just misunderstood the rules, which, let’s face it, aren’t always crystal clear.
But unfortunately, HMRC doesn’t let you off the hook just because it was a mistake. If it wasn’t declared, they’ll still want it sorted — and they’ll expect you to explain yourself.
That’s why it’s so important to get ahead of the problem. If you wait until they reach out first, your negotiating position is a lot weaker.
Conclusion
Disclosure Using the Worldwide Disclosure Facility gives you the chance to take control of the situation — to own it, fix it, and move on without the stress of “what if?”
So if there’s something in the back of your mind about an account, a property, or income abroad that’s never been declared… now’s the time to have that awkward conversation. You’ll feel a lot better once it’s out in the open — and HMRC will almost certainly treat you better for coming forward first.