HMRC Requirement to Correct – how to avoid punitive penalties

The UK has introduced new penalties under the Requirement To Correct (“RTC”). The RTC imposes an obligation on anyone who has under-declared UK tax liabilities to make a disclosure to HM Revenue & Customs (“HMRC”), the UK tax authority. Failure to disclose by 30 September 2018 will result in punitive penalties. The standard penalty is between 100%…