The latest event provided attendees with an exclusive insight into HMRC's Requirement to Correct (RTC) powers, where Graham Davies, Senior Policy Adviser at HMRC, and Mark Taylor, shared their knowledge. The latest event provided attendees with an exclusive insight into HMRC's RTC obligation, highlighting what information HMRC expects to be shared under Common Reporting Standards, HMRC’s viewpoint on RTC and how to approach the 30 September deadline.
The five main points taken away from the event are:
- The 30 September 2018 date is a registration deadline, not a deadline whereby a full disclosure or settlement must be made;
- There are a number of ways available to register your intention to correct even in cases where there is uncertainty of exposure.
- Penalties for Failing-to-Correct by 30 September 2018 are draconian, especially compared to what is currently available;
- Extension of assessment time limits mean that those that fail to correct are not financially better off than those that do correct; and
- Tightening of ‘reasonable excuse’ arguments meaning that in certain cases getting a health-check done now would be prudent.
Feedback provided by attendees was extremely positive. Further topics in our series of ‘Evening with HMRC’ events will be announced shortly. Keep an eye on our website for further updates.
For more information or advice regarding Requirement to Correct, please contact Mark Taylor by filling out the form below: