Tax expert highlights offshore disclosure law
A new law will require individuals and trustees with undeclared tax liabilities related to offshore matters to disclose them to HMRC by 30 September 2018, or face much stiffer penalties.
The new Requirement to Correct (RTC) rules are designed to clamp down on individuals with undeclared offshore assets, highlighting the penalties for non-compliance. The rules require taxpayers to notify the tax authority if there is a possibility that money held offshore has not been taxed or reported, including income tax, capital gains tax or inheritance tax.
Any tax which comes to light following 30 September 2018 which should have been reported has a maximum 200% penalty and a minimum 100% penalty.
Tax expert Owen Kyffin, director of Whitley Stimpson which is a Top 100 UK accountancy practice with offices in Banbury, Bicester, High Wycombe and Witney, highlights the new law and is keen to offer guidance on how to comply.
Owen explains: “Taxpayers with unpaid tax must report any outstanding liability to HMRC by 30 September 2018. The deadline coincides with the start date for the introduction of the common reporting standard, at which point more than 100 countries will start exchanging and sharing data on financial accounts between tax authorities. This will make it much harder for individuals to keep offshore assets beyond the reach of HMRC.”
Under the new regime HMRC will have the power to take appropriate action to collect tax, interest and any penalties due.
Owen continues: “At Whitley Stimpson we have a fully qualified team of people to help advise on any tax issues. It’s important for us to share our knowledge about RTC with our clients and advise them accordingly. We believe this is best done face-to-face to help individuals and businesses understand, calculate, plan efficiently and, if need be, correct.”
For advice on your specific situation please contact Owen Kyffin on 01295 220914 or owenK@whitleystimpson.co.uk
More in Accountants
UK business confidence has dipped – resilience remains, but geopolitics is...
That is the overriding message from the Thames Valley Chamber of Commerce’s Q1 2026 Quarterly Economic Survey (QES), which reveals a business community continuing to operate, adapt and trade – but with confidence still fragile. The Quarterly Economic Survey (QES) is a comprehensive study conducted every three months by the Chamber of Commerce, gathering feedback from businesses across the Thames Valley region. It tracks key indicators such as sales, orders, employment strategy, investment plans and overall business sentiment, providing a snapshot of the regional economic climate and highlighting challenges and opportunities faced by firms.
Exit readiness: why it matters and how to prepare your business
For many business owners, exit planning only becomes a priority when a buyer appears. By that stage, pressure is high, options are limited, and value can easily be left on the table.
How the Thames Valley and Solent regions align with the government’s...
The government’s 2025 industrial strategy (IS-8) sets out a clear ambition to drive productivity, innovation, and globally competitive growth across eight priority sectors. The Thames Valley and Solent, spanning Berkshire, Oxfordshire and Hampshire, is already delivering strongly against these goals, underpinned by an innovation-led, IP-rich, and service-focused economy.
From this author
Why having an audit can boost your business
Many directors will wince at the prospect of an audit, seeing it as a necessary evil to meet statutory obligations.
Whitley Stimpson welcomes Sushma to Bicester
Leading accountants and business advisors Whitley Stimpson, announces the appointment of Sushma Pandey who joins the company’s Bicester office.
FRC Proposes Major Overhaul of Auditing Standards
In a bold move, the Financial Reporting Council (FRC) has unveiled proposed changes to auditing standards that could have a major impact on the financial world, according to chartered accountants and business advisors Whitley Stimpson.