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 ranging from 100% to 200% of the current level.This piece of legislation applies predominantly to those of us still registered as tax resident in UK, but they may be a few individuals affected who are already deemed as Spanish Tax resident.
HMRC also explained that over 110 Countries will be automatically exchanging information from the 1st October, hence the 30th September deadline.
You can find more information and examples of case studies that may be helpful via the link below
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