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HMRC Tax return initiative

Posted by: edwinsmith on July 4th, 2012

The latest initiative from HM Revenue and Customs (HMRC) was launched yesterday (3rd July). This is a time limited campaign where specific tax payers are being given the opportunity to come forward and pay up. Previous campaigns have targeted offshore investments, medical professionals, private tutors and coaches, plumbers, electricians, VAT defaulters and online traders.

Higher rate taxpayers who are behind with the submission of their self assessment tax returns are being given the opportunity to come forward and take advantage of better terms and lower penalties than if HMRC approaches them first. This initiative is aimed at taxpayers who pay tax at 40% and above who have outstanding Self Assessment returns for 2009/10 or earlier, although any individual with outstanding returns for these years can get up to date within the campaign.

You have until 2 October to tell HMRC that you wish to take part, submit  your completed returns and pay any tax and national insurance that you owe.

If you are not up to date by 2 October, HMRC will use its powers to pursue you, in which case penalties of up to 100% of the tax due could follow with potential criminal investigation.

There are many reasons why you may be behind but now is the time to get up to date and we can help you with this.

HOW TO TAKE PART

We would be pleased to guide you through the process and help you get up to date but should you wish to register and take part before contacting us for help, then further guidance and online registration is available here.

You will also need to complete the returns by 2 October but we are here to help.

Please contact us for a free consultation so that we can help you get straight with your tax affairs and keep you in order in the future.