HMRC Notifications

HMRC are tightening their grip on Financial Advisers and those clients with offshore assets.  

Firms have until 31 August 2017 to issue the following to any UK tax resident that has received advice about offshore income or assets. This would include :

• A source of relevant foreign income
• A source of employment income
• An Asset
• A Financial Account

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/557296/client-notification-letter.pdf

Should HMRC identify any client that has undeclared offshore assets and they have not been provided with a copy of the circular then the fine will be £3000 per incident for the Firm

Might be an idea to issue these circulars via email and keep a record 

Guidance to sending out the client notification letter may be found at 

https://www.gov.uk/government/publications/client-notification-income-or-assets-abroad/notes-on-how-and-when-to-send-the-client-notification-letter