Showing posts from September, 2018

Requirement to Correct‘ or RTC for short deadline is 30th September...

Requirement to Correct‘ or RTC for short deadline is 30th September....Do you have any offshore income or Assets? Many people we meet feel it's too late or are worried about the consequences. There is nothing to worry about. Please get in touch if this applies to you. We can help... HMRC representatives made presentations across the Costa Blanca on the 4th September to the general public, outlining an individual’s requirements of their looming deadline which is the 30th September 2018.The legislation which was introduced in April 2017, is called the ´Requirement to Correct‘ or RTC for short. In simple terms it is intended to allow an individual to correct any information previously given to HMRC (or indeed information previously not given) regarding any income or assets held outside of UK. Provided you notify HMRC of any such errors before the deadline, then the usual level of fines will apply. However failure to notify them could result in future fines ran

HMRC Tax Briefings for Expats

HMRC representatives from the UK visited Moraira yesterday to talk about tax issues. HMRC has introduced new legislation that requires individuals to make sure their foreign income and assets are in order before a 30 September 2018 deadline and the arrival of tougher penalties.  The main points to come from the meeting were as follows; There are two scenarios where a penalty could be imposed; either because of deliberate non- compliance (people trying to get away without paying taxes by not informing HMRC of things on purpose) or because of an error resulting in non-compliance (incorrect information given to HMRC). Penalties are currently 30-40% on top of tax amount due up to end of September. But from 1st October this is increased to 100-200%. You can however avoid this penalty if you have a “reasonable excuse” , for example you went to an accountant and he calculated your tax liability incorrectly and as a result the wrong amount of tax was paid due to their e