Thousands of higher rate taxpayers who have failed to file a tax return for 2009/10 or earlier will, this month, receive letters from HMRC to remind them that they only have one month left to take advantage of the Tax Return Initiative that was originally launched on 3rd July.
Although the Tax Return Initiative is for those paying tax at 40% or more and who have been required to file a return but failed to do so, the campaign is also available to anyone who has returns to submit for 2009/10 or earlier.
Those who take part in the campaign and file tax returns and pay tax and NIC's owing before 2nd October will receive better terms and pay a lower penalty than if HMRC has to use its powers to pursue outstanding tax returns. Such penalties could be up to 100% of the tax due or even criminal investigation, if individuals do not come forward voluntarily.
Head of HMRC Campaigns said, “If HMRC has sent you a Self Assessment tax return or notice to complete a tax return for 2009/10 or earlier and you have not yet taken any action, this campaign offers you a quick and straightforward way to bring your tax affairs up to date. But time is running out. You have until 2nd October to submit your tax returns and pay the tax you owe.
If you cannot afford to pay what you owe all at once, don't worry. If your circumstances warrant it, you will be able to spread the payments.”
Those wishing to take part in the campaign can do so by:
- Going online and registering: http://www.hmrc.gov.uk/campaigns/tri.htm
- Completing any outstanding tax returns and paying any tax and NIC's owed by 2nd October
Help is also available by calling the Tax Return Initiative helpline on 0845 601 8818, Monday – Friday, 09:00 – 17:00.
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