HMRC have just launched a new campaign for higher rate taxpayers who have failed to submit tax returns, giving them the opportunity to come forward and settle their outstanding tax liabilities under a special time-limited campaign.
The campaign started on 3 July and is aimed specifically at people liable to pay tax at rates of 40% and above who have been told to submit a Self Assessment tax return for 2009/10 or earlier, but have not done so.
The campaign is also available to any individual who has tax returns to submit to HMRC for these years.
People have until 2 October 2012 to tell HMRC they want to take part, submit completed returns, and pay the tax and National Insurance Contributions (NICs) that they owe. By coming forward voluntarily through the campaign people will receive better terms, and any penalty they pay will be lower than if HMRC comes to them first.
After 2 October, if they have not submitted their tax returns and paid what they owe, HMRC will use its powers to pursue outstanding returns and any unpaid tax and NIC. Penalties of up to 100 per cent of the tax due or even criminal investigation could follow.
Do you know anyone who would like to take advantage of this offer?
Please let them know about the HMRC campaign, we can assist them with taking advantage of the offer – as it is time limited, the sooner we can start on getting their affairs up to date, the better.