Finance (No. 2) Act 2017 introduced new Requirement to Correct (RTC) legislation which is targeted at non-complicance in respect of offshore tax matters.
Taxpayers who know or suspect that they have unpaid tax relating to overseas assets, income or activities need to act before the 30 September 2018 deadline.
Failure to take corrective action will result in much higher penalties being applied for their non-compliance. From 1 October 2018 the minimum penalty will be 100% of the tax owed, but this could be much higher depending on circumstances!
With the 30 September deadline creeping closer by the day now is the time to make a correction under the RTC.
We understand that the tax systsem is complicated and that mistakes happen. We have helped clients make disclosures to Her Majesty's Revenue and Customs (HM Revenue and Customs or HMRC) is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support and the administration of other regulatory regimes including the national minimum wage.... More and are ready to assist you in making a correct under the RTC using the worldwide disclosure facility.
For sympathetic assistance in getting your tax affairs up to date please contact us.