HMRC have launched a tax return ‘amnesty’ for those individuals who have been issued with a self assessment tax return or notice to complete a tax return for any year up to 2011/12 and have not completed the return(s).
HMRC are offering ‘the best terms available’ to those who come forward now and take part in the ‘My Tax Return Catch Up’.
For those wishing to take part in ‘My Tax Return Catch Up’ there are three stages to the process:
• advise HMRC that they want to join the campaign by completing the online notification
• complete and submit all outstanding returns and
• pay outstanding liabilities or claim any repayment that might be due.
Once a taxpayer has notified HMRC that they wish to take part in this campaign, they will need to complete and submit their outstanding tax returns and generally pay any amounts due by 15 October 2013.
HMRC have advised that
• they will look at spreading the payments where the taxpayer is unable to pay the liability in full and
• by taking part in the campaign a taxpayer will increase their chances of paying reduced behavioural based penalties.
If you have any concern in this area please do get in touch.