One week to go for HMRC late tax returns campaign
Date posted: 26-09-2012
TAXPAYERS who failed to submit tax returns have only one week left to take up a special opportunity being offered by HM Revenue & Customs (HMRC).
The Tax Return Initiative is aimed at people liable to pay tax at rates of 40 per cent and above and 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 others who have tax returns to submit for these years.
People have until 2 October 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, launched on 3 July, 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 sent in their tax returns and paid what they owe, HMRC can use its legal powers to pursue outstanding returns and any unpaid tax and NICs.
HMRC might estimate the amount of tax they owe for each year and enforce payment by taking them to court or by asking a debt collection agency to collect it. HMRC may also refer such cases for criminal investigation.