Stressed by tax?
Get Earnr Pro

Requirement to correct

[rɪˈkwaɪəmənt tuː kəˈrɛkt]



Requirement to correct was a law that required individuals or companies to declare all of their undeclared offshore tax liabilities by 30th September 2018.

More detail:

Requirement to correct was the legal obligation in the United Kingdom to disclose any undeclared offshore tax liabilities to HMRC on or before 30th September 2018. This disclosure was required to include information about the current value of the assets, the location of the assets, and any untaxed income or gains generated by these assets.

This was to ensure that individuals with offshore tax liabilities paid the correct amount of tax in the UK.

If this was not completed and individuals were found to have these offshore tax liabilities, they would face significant penalties for failing to correct. These penalties could be up to 200% of the tax owed.

Back to Taxionary

You might also like...

decorative image for a blog

What is IR35 and do I need to worry about it?

There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.

Read more
decorative image for a blog

Flat rates for mileage vs actual expenses. What is better?

Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.

Read more
decorative image for a blog

What is the EIS and how does it work?

If you are looking to invest in small and medium sized businesses, the Enterprise Investment Scheme (EIS) provides lots of tax reliefs for doing so. Here we discuss what it is and how it works.

Read more
Earnr logoDownload earnr