There are now just days until HMRC’s Requirement to Correct (RTC) period ends and the Failure to Correct (FTC) fines become enforceable.

Those with any historic non-compliance discovered by HMRC after 30 September – including via information received under the Common Reporting Standard (CRS) – will face paying not only the tax due and interest on the late payment, but also penalties at levels unprecedented in the UK.

Those with undeclared overseas assets could face penalties up to 200 percent of their tax liabilities, and in serious cases where the tax involved is more than £25,000 (in a given tax ye...