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Jul
31st

THE TAX RETURN INITIATIVE By: Gordon

Higher rate taxpayers who have failed to submit tax returns are being offered the opportunity to come forward and pay up under a time limited HMRC campaign. The Tax Return Initiative is aimed specifically at people liable to pay higher rate tax that have been told to submit a self assessment tax return for 2009/10 or earlier, but have failed to do so. The Tax Return Initiative is also open to any individual who has tax returns to submit to HMRC for these years.
Individuals have until 2 October 2012 to:
• let HMRC know that 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 initiative, taxpayers will receive better terms and any penalty they pay will be lower than if HMRC comes to them first.
Where taxpayers fail to take advantage of the initiative, HMRC will use its powers to pursue outstanding returns and any unpaid tax and NIC together with significant penalties of up to 100% of tax due.
For help and advice with completing your self assessment return call us at Haxton Chartered Accountants

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