Posted by Nick Day on 10 Jul 2013

HMRC Self Assessment Tax Returns Catch Up Opportunity

If you are late in submitting Self Assessment Tax Returns and worried about the implications of not having filed on time, HM Revenue & Customs (HMRC) are running a new disclosure campaign that might be of interest to you.

If you come forward and file your Tax Returns for the 2011-12 year and earlier years, and pay the tax you owe by 15 October 2013, you will be treated comparatively lightly compared with the situation where you continue not to file, in which case HMRC will pursue large penalties (of up to 100% of the tax due) and possible criminal prosecution.

The campaign started on 9 July, and involves HMRC contacting several thousand taxpayers it believes are non-compliant.

A similar campaign last year which concentrated on higher-rate taxpayers with outstanding tax returns, saw more than 3,000 individuals come forward on a voluntary basis and settle tax of over £30 million.

At Tax Innovations, we have many years of experience in this field and can advise you on bringing your affairs up to date, and minimising penalties.  We can help guide you through simple disclosures or for those with more complex affairs, assist with tax return preparation, calculation of the tax due, and negotiation with HMRC over penalties.

For further information on HMRC campaigns, click here.

Contact Tax Innovations

If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or customerservice@taxinnovations.com.