Law360UK reports that HMRC is insisting that financial institutions must hand over foreign customer account information to HMRC by the end of May, under international information reporting rules aimed at clamping down on tax evasion, or risk being hit with financial penalties.
Banks, building societies, insurance companies and investment houses have until May 31 to provide details about clients outside the UK which have financial accounts and investments in Britain under the first year for common reporting standards filing, or CRS.
HMRC has advised firms to check whether they need to register and submit a return and to make the submission before the deadline if so.
“Returns submitted after the deadline or the filing of an incorrect return may result in penalties being charged.”You have been warned!
Tax does have to be taxing.
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