What is self disclosure?

Question

What is self disclosure?

Answer 1

Related to what? If you are referring to the Inland Revenue then you can disclose any unpaid tax either unpaid by accident or design, and they might agree not to prosecute. A friend of mine did this recently regarding offshore savings, interest and business payments that were sent offshore and never declared as earnings. It went back over 8 years. He had to pay  a fixed amount for each years worth of money plus interest on that money for each year. The tax people can now access offshore accounts in Channel Islands and the Isle of Man and all EU countries. Hope this helps.