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bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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There, I am in trouble with my last tax declaration. As

Customer Question

Hi there, I am in trouble with my last tax declaration. As I did not declared one account they have asked me to do so..My question is as Im italian, if I came back to my country I ll get a criminal record? This will affect my entry in UK later? for how long?
If I decide to get things rolling and get a penalty charge very high can I declare bankruptcy on the end? What is worse? how long to the process fisnish?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
Please explain what you mean by 'one account?' Have you an interest bearing bank account the interest credited on which you have failed to declare. If that is the case you merely advise your tax office of the error and ask for your tax return to be amended. It's not a criminal offence unless deliberately omitted and frankly errors on returns are made every day!
Once I have your reply I can assist you further.
Customer: replied 1 year ago.
the problem is that I was advised for an accountant that said was not necessary to declare all accounts, just declare that one with less money going through..I undeclared one when I receive earnings from rent and a salary from an company that pays me as self employee. Of course, took the risk but never be in mind to be catched by the compliance check. now they are checking my last report and asking for my other accounts..it is only one I do not declared and some people said they will ask to check from last 5 years maybe. Im very scared about to be high charged for and get penalties etc..that I could not afford to pay. As slf employee I do not know what to do because my accountant have done my self assessments as myself. If I declare this failure and give them my statements do you think they can ask for the previous years as well?
Expert:  bigduckontax replied 1 year ago.
Oh dear, you really have been caught out and received very poor advice. You should ask your accountant for recompense and report him or her to their professional body if they have one. Your only solution is to come clean to HMRC. However, if you are classified as not resident in the UK the only income liable to UK taxation is property rentals. The rest is only taxable in your country of residence.
If you moved from the UK to Italy you should send a Form P85 to HMRC. This will make you non resident for UK taxation and greatly ease your situation.
HMRC can go back indefinitely to recover unpaid or underpaid tax in England and Wales, but only 20 years in Scotland.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3617
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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