Self Assessment Tax Returns campaign
The deadline for taxpayers who owe tax under an HMRC campaign known as – My Tax Return Catch Up – is fast approaching. The campaign is aimed at taxpayers that should have filed Self Assessment tax returns for 2011/12 and earlier tax years.
Taxpayers who wish to take part in the disclosure opportunity must submit completed tax returns and pay any tax and National Insurance due by the15 October 2013.
HMRC have listed the following benefits for taxpayers taking part in this disclosure opportunity:
- A quick and straightforward way of bringing your tax affairs up to date.
- The use of a dedicated helpline.
- An increased chance of saving a higher penalty based on behaviours.
- Avoiding a determination of the tax you owe and action to collect – including telephone calls, visits and the courts.
It is likely that taxpayers coming forward as part of the initiative will also receive better terms and lower penalties than if targeted by HMRC. Taxpayers that do not avail of this opportunity to regularise their tax returns are likely to be pursued by HMRC after 15 October and can face penalties as high as 100% of the tax due together with a possible criminal investigation. Taxpayers can register to take part in the campaign by completing an online registration form available on HMRC’s website. The form can then be sent electronically or printed and posted to HMRC.
If you would like to take advantage of this opportunity, but are unsure how to proceed, please call for more information.