A. In order to avail of the preferential treatment of a “voluntary disclosure” Revenue need to be made aware of any undeclared foreign income before May 4th.
The benefits of approaching Revenue before this deadline are threefold; you pay lower penalties; your name is not published in the quarterly list of tax defaulters; you avoid the prospect of criminal prosecution.
You need to work with your accountant to quantify what tax liabilities including interest and penalties are due as a result of this undeclared income. Once this has been quantified a disclosure form, which your accountant will be able to complete on your behalf, should be submitted to Revenue in advance of the deadline.
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