Posted by Nick Day on 21 Jun 2012
The Tax Return Initiative
The Tax Return Initiative by HM Revenue & Customs (HMRC) will catch compliance failures, targeting the higher-rate taxpayers who should pay tax at 40% or 50% and who are required to complete a Self Assessment Tax Return for 2009/10 or earlier, but have not yet done so.
Taking part in the initiative, which will run from 3 July until 2 October 2012, means tax payers may avoid punitive tax-related late-filing penalties, although HMRC may still charge fixed penalties of £100 per late Tax Return plus surcharges and interest on tax paid late.
This is all part of the current activity at HMRC as they aim to tackle perceived failures to submit completed Tax Returns. This campaign will provide a limited time opportunity to encourage those who want to get their tax affairs up to date to come forward.
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