Originally Posted by Glasgow Girl

I think the problem for the OP (and many others) is that penalties now apply for failing to file Form 8938. You can avoid the penalties if you amend the previous 3 years tax returns to include any income and tax due and provide Form 8938, and back file up to 6 years of FBARs but amongst other qualifying requirements is that you must have been non resident for at least one of those years (less than 330 days in the US) and unfortunately the OP failed that requirement by about 20 days. So while he could file the FBARs after amending his returns, the failure to file Form 8938 makes him subject to those penalties.

Originally Posted by jackcharles

Many thanks Glasgow Girl.

The accountant did note that if I had been outside of the US for 330 days in 2017, this would have been much easier, but unfortunately I was in the US for 57 days that year - which I believe is what triggers the 5% penalty? Fortunately I did not file or need to file anything for 2016 or before as I moved in November 2017. Interestingly, the accountant doesn't even think I need to amend the 2017 return. Not sure why 2019 would be different to 2018, that's a good spot. I'll ask.

Incidentally, the accountant now says I'll need to have a "Non-Willful Statement" prepared for about $1,250 as doing it independently is not advised.

I don't have any Trusts or OEICs as you note, it's all standard stuff - a current account, savings account, cash ISA, help-to-buy cash ISA and a personal pension.

I guess the main thing is, is the 5% penalty for voluntary disclosure a better fee than the alternative, which I've advised may be several thousands of dollars per account, per year - which would bankrupt me?