Hello team,
This is my first post and at foremost, I would like to thank the entire team here who provide valuable advises on immigration and in process save people from lots of worries.
Before my question is, here is a bit of background. I am currently on Skilled Worker Visa route. ILR eligibility is next year October. However, I came to know a peculiar issue wherein I should have paid taxes on an interest "earned" which is taxfree in India and assumed wrongly that no tax is applicable unless "remitted" to the UK. So I am planning to voluntary disclose this to HMRC and pay the relevant tax and interest. I have been told by my tax advisor that due to voluntary disclosure of 2 years and self assessment return filing of 2 years, there could be penalty on the first 2 years only as the later 2 years tax payment would be within timelimits. This being "unprompted" ie voluntary disclosure and payment, there is a chance that the penalty will be only 30% maximum. Even this can be waived as the mistake seems innocent, however lets not consider that at the moment. This process will probably take 3-6 months. In any case, I intent to pay the correct tax and pay in full to HMRC for this missed notional interest income.
Now to my question -
1. Will there be any effect on my ILR application next year of any prior penalties paid to HMRC?
2. Is it better to add a covering letter to explain that it was an innocent mistake which has been rectified and paid in full and relevant measures have been taken to ensure its not repeated in future
I await your response. Many thanks again!
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