Requirement To Correct (RTC) is a new UK tax law introduced to ensure UK tax payers with income, investments or assets overseas are paying the right amount of tax. RTC requires people to check and correct their liabilities by 30 September 2018 or risk incurring a penalty under HMRC's new harsher penalty regime.
With less than two weeks until the deadline to declare, this essential article by Alliott Group member accounting firm in London, Alliotts Chartered Accountants, provides the material you need to ensure your business becomes and remains compliant. Read on for further details on who the legislation applies to, including a comprehensive list of qualifying overseas incomes and gains, as well as additional information about what RTC means for your firm both now and for the future.
Read the full article at: https://www.alliottgroup.net/practice-management-resources-for-owner-managed-firms/requirement-to-correct-new-uk-tax-legislation/
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.