Don’t forget to notify HMRC by midnight on 30 September if you need to correct your tax position in respect of any offshore assets.
The Requirement to Correct provisions require any person with undeclared UK tax liabilities in respect of offshore issues at 5 April 2017 to:
- Correct the situation by 30 September 2018 (unless the extended deadlines apply, see below), or
- Face tough penalties if they do not.
As long as you register to use the Worldwide Disclosure Facility (WDF) online with HMRC by midnight 30 September, HMRC will not be able to make you pay the new, higher penalties. This is so long as your disclosure is finalised by 29 December 2018.
Useful links: HMRC current disclosure services