⚠️ Hey, you are using an outdated web browser.
TaxScouts might not work with your browser. Upgrade here

Let us sort your Self Assessment online. £119, all in. Learn more

Requirement to Correct

Requirement to Correct (RtC) was a law HMRC used to prompt those with undeclared offshore income, wealth or assets to declare it by 30th September 2018. 

If you didn’t comply with the Requirement to Correct before the deadline, you faced penalties for failing to correct. Officially, this was called FtC – Failure to Correct. And the penalties were significant. 

  • At least 100% of what you owe
  • Most commonly, you paid 200% of unpaid penalties
  • A second penalty of up to 50%
  • An asset-based penalty where you paid 10% of the asset and also got named and shamed!

What if I had an excuse for missing the Requirement to Correct deadline?

Whether your excuse was human error, tax fraud or even just careless behaviour, you were penalised in the same way. 

Read more about HMRC’s powers to chase your offshore affairs here.

Hey there! We really hope this article helped you. Tax matters can be a dreadful topic at times. We know. That's why we started TaxScouts.
A stress-free way to getting your taxes done.

Have a minute? See how it works

More guides & useful information

Let us sort your Self Assessment online. £119, all in.

That’s right. No matter how complicated it gets or why you need to do a return in the first place, it’ll cost £119 to get it done. That includes VAT, last-minute changes and all the support you may need.

How TaxScouts works

Answer a few simple questions

And we mean a few. After a couple of minutes of answering questions online we’ll have everything we need to start preparing your tax return.

Then get paired with a tax return accountant

That’s right, you’ll be matched with a real certified accountant who is best suited to prepare your return. Plus, they’re on hand for questions whenever you need.

We file your Self Assessment for you

Once you’ve signed off your return, your TaxScouts accountant will submit your return with HMRC for you.

That’s it! We told you it was simple.