The HMRC has launched a temporary amnesty for self-assessment taxpayers that have failed to submit their tax returns and this new campaign offers them the opportunity to settle their arrears. HMRC will target this latest effort at people who have received a self-assessment tax return or notice to complete a tax return for any year up to 2011/12 but have not taken any action. Using intelligence-gathering software and follow-up calls, the HMRC will be directly contacting thousands of people in the following weeks as they offer the temporary self-assessment amnesty. Last year a similar campaign took place for higher-rate taxpayers who had failed to submit 2008/09 or 2009/10 tax returns. The success of this previous campaign that brought in more than £30m when 3,000 people took part with the HMRC filing more than 5,500 returns has spearheaded their latest amnesty.
In the current campaign once participants have agreed to take part, they will have until the 15th October 2013 to complete and submit a return as well as pay the tax and National Insurance Contributions that they owe. If after the deadline they have not submitted their returns and paid the tax due, they can expect to receive a penalty off up to 100% of the tax or even criminal investigation. This latest campaign provides those people that it concerns with a great opportunity to catch up on their tax returns on the best possible terms..
If you have any queries relating to Tax or any other accounting matter please call Alexander & Co today on 0161 832 4841. Alternatively please complete our enquiry form and one of our accountants will be in touch promptly.