Tax return amnesty

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.

Let’s start a conversation 

    Subscribe me for updates and news from In Accountancy

    Related articles

    time to pay arrangement
    Limited Companies

    Time to Pay Arrangements: A Lifeline for Owner-Managed Businesses

    Are You Struggling to Meet Your Tax Obligations?

    More than 30,000 UK businesses were involved in some kind of insolvency action in 2023, which was an increase of more than 50% compared with 2021 according to an article in the Guardian earlier this year.

    And the economic outlook would suggest that despite the fact that we are no longer in recession, 2024 and 2025 will be a challenging year for UK small business.

    With this in mind we have prepared the following guide and associated video to help you understand what your options are with regards to agreeing what is known as a ‘Time to Pay’ arrangement with HMRC.

    Read More »

    Find out how we can help?

    Lectus scelerisque a donec tincidunt litora per eleifend eget ut sagittis conubia pharetra scelerisque dui ultricies duis parturient auctor adipiscing.

     

    Let’s start a conversation 

      Subscribe me for updates and news from In Accountancy

      IN-ACCOUNTANCY

      Search