HMRC Requirement to Correct
HMRC Requirement to Correct
HMRC Requirement to Correct (RTC) was announced as an opportunity for individuals who were non-compliant to bring their historical tax affairs up to date.
The legislation put in place a deadline of 30th September 2018 for those with undeclared offshore tax liabilities to come forward to make a disclosure of unpaid tax to HMRC. The deadline applied to individuals who were not tax compliant prior to April 2017.
Individuals who failed to disclose information prior to the September 2018 deadline, may face higher penalties relating to the amount of unpaid tax. However, there are still options available to those who would like to clarify their tax affairs and pay any unpaid tax, and our team can assist.
We can assist you in understanding your current tax position, and would urge you to do so in the first instance prior to contacting HMRC to make a voluntary disclosure.
Declare Unpaid Tax - Call us on 0113 387 5670
HMRC Requirement to Correct relates to Income Tax, Capital Gains Tax and Inheritance Tax liabilities.
The Requirement to Correct deadline coincided with the Common Reporting Standard (CRS) through which over 100 countries began to share information about individuals' bank accounts and assets held in their jurisdictions with tax authorities across the world.
CRS handed additional intelligence to HMRC in order to close the net on those it suspects of tax avoidance and tax evasion.
RTC specifically related to tax non-compliance around:
- Income arising from outside of the UK;
- Assets held outside of the UK;
- Activities carried on wholly or mainly outside of the UK; or
- Anything with an effect of income, assets of activity relating to the above.
Pay Unpaid Tax
If you have an offshore bank account or assets held overseas you must seek to clarify your tax position as soon as possible, as if HMRC opens a tax investigation into your affairs, you could face tough financial penalties which could amount to 200% of the amount of unpaid tax.
Our tax investigations and disclosures team can help you understand your tax position and explain the options available to you. We would urge anyone to seek professional tax advice prior to contacting HMRC directly.
To discuss your tax position in complete confidence and under no obligation, call us on 0113 387 5670, email us at enquiries@forthsonline.co.uk
or fill out an Enquiry Form
and we will contact you directly.
If you do not pay your tax there are a number of actions HMRC may take in order to recover unpaid tax debt. Depending on the circumstances this could take the form of either a tax investigation or HMRC debt enforcement action.
“I’m late filling in my tax return” is a statement that we see time and time again in the enquiries that we see coming through from tax payers who have issues and are contacting us for assistance.
Let Property Campaign - Rental Tax Disclosure Case Study.We assist individuals in making disclosures of unpaid tax to HMRC and in investigations by HMRC. Call us on 0113 387 5670
Contact us today to find out how we can assist you...
To hear more about our Tax Investigation Services or to discuss a potential case with a member of our team, call us on 0113 387 5670.
Alternatively, you can email us at enquiries@forthsonline.co.uk or fill out an Enquiry Form and we will contact you directly.