The Compliance Week in Three Key Updates: February 17

    If you know you owe tax on undeclared income to HM Revenue & Customs (HMRC), here’s how you can let the tax office know by making voluntary disclosure.

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    If you owe tax on income or gains, it’s important to let HMRC know about any unpaid tax as soon as possible. This blog article explains how to make a voluntary disclosure.

    You can use the Digital Disclosure Service (DDS) to tell HMRC that you’ve not declared the right amount of tax on one or more of the following: Income Tax, Capital Gains Tax, National Insurance Contributions, or Corporation Tax. The DDS gives individuals and businesses the opportunity to bring up any unpaid tax in a simple, easy way.

    Title

    If you owe tax on income or gains, it’s important to let HMRC know about any unpaid tax as soon as possible. This blog article explains how to make a voluntary disclosure.

    You can use the Digital Disclosure Service (DDS) to tell HMRC that you’ve not declared the right amount of tax on one or more of the following: Income Tax, Capital Gains Tax, National Insurance Contributions, or Corporation Tax. The DDS gives individuals and businesses the opportunity to bring up any unpaid tax in a simple, easy way.

    Title

    If you owe tax on income or gains, it’s important to let HMRC know about any unpaid tax as soon as possible. This blog article explains how to make a voluntary disclosure.

    You can use the Digital Disclosure Service (DDS) to tell HMRC that you’ve not declared the right amount of tax on one or more of the following: Income Tax, Capital Gains Tax, National Insurance Contributions, or Corporation Tax. The DDS gives individuals and businesses the opportunity to bring up any unpaid tax in a simple, easy way.

    Musk Team Seeks Access to IRS System With Taxpayers� Records The New York Times https://www.nytimes.com/2025/02/17/business/musk-irs-doge.html The Internal Revenue Service is set to grant a team member from Elon Musk's so-called Department of Government Efficiency access to sensitive taxpayer information, according to sources familiar with the situation. The IRS holds millions of Americans' private financial data, including tax returns, Social Security numbers, addresses, banking information, and employment details. "Waste, fraud and abuse have been deeply entrenched in our broken system for far too long," stated Harrison Fields, a spokesperson for the White House. "It takes direct access to the system to identify and fix it." The scrutiny of the IRS system marks the most recent effort by Mr. Musk�s team to expand access to government data beyond what is conventionally granted to political appointees. Javier Milei accused of fraud over promotion of cryptocurrency EuroNews https://www.euronews.com/2025/02/17/javier-milei-accused-of-fraud-over-promotion-of-cryptocurrency Lawyers in Argentina have initiated a fraud case against President Javier Milei following his promotion of a cryptocurrency whose value rapidly declined. The libertarian leader tweeted on Friday about a digital currency called $LIBRA, intended to "encourage economic growth by funding small businesses and startups." However, he deleted the tweet just a few hours later. His post included a link to a website where the cryptocurrency could be purchased, with the domain name vivalalibertadproject.com�an allusion to his signature phrase, which translates to �long live freedom.� Barclays Faces Probe From U.K. Regulator Over Money-Laundering Controls The Wall Street Journal https://www.wsj.com/articles/barclays-faces-probe-from-u-k-regulator-over-money-laundering-controls-0eb219cd Barclays has revealed that it is under investigation by the UK's financial watchdog regarding its anti-money laundering and financial crime control measures. The Financial Conduct Authority (FCA), the UK's primary regulator for financial services, has initiated a civil enforcement inquiry into the bank's compliance practices, as disclosed in Barclays' annual report. According to Barclays, the investigation mainly addresses the �historical oversight and management� of higher-risk customers. This inquiry encompasses both Barclays Bank UK, which serves retail banking clients and small businesses, and Barclays Bank, which predominantly offers financial services to larger corporate clients worldwide.

    TWC Staff

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