9 October 2018 - Requirement to Correct Offshore Tax Arrears

Don’t forget that although many clients have requested the 90 day extension to correct their tax position in respect of any offshore assets, they still need to finalise all disclosures by 29th December 2018.

If you have yet to notify HMRC of any offshore issues, this must be done immediately to avoid any additional penalties.

The “Requirement to Correct” provisions require any individual with undeclared UK tax liabilities in respect of offshore issues up to and including the Tax Year to 5th April 2017 to;

Correct the situation by 30th September 2018 (or request a 90 day extension from HMRC), or

Incur penalties for such undeclared UK tax liabilities.

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