Additionally, there is a final opportunity to correct your affairs with HMRC, potentially with no penalties!
HMRC introduced the Requirement to Correct (RTC) statutory obligation for taxpayers with overseas assets to correct any issues with their historic UK position. Failure to comply with this regulation, individuals will face punitive financial penalties and potentially other severe sanctions. HMRC wants all taxpayers who have or who had any offshore financial connections (including those who consider themselves to be non-UK domiciled and/or non-UK resident) to review their UK tax affairs to ensure that all tax returns are correct. Furthermore, taxpayers should ensure they submitted tax returns for all years for which they owed tax on income or gains. Originally, Taxpayers had to disclose to HMRC of their intention and provide information about their UK tax affairs before the deadline of 30 September 2018. HMRC have recently updated their guidance and are allowing Taxpayers to notify HMRC of their intention to disclose via HMRC’s Worldwide Disclosure Facility by 30 September 2018. If the process is completed, within 90 days of HMRC’s acknowledgment, further penalties can be avoided. Previously, all corrections were required to have been made by 30 September 2018.
