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HMRC offers settlement window

 

Posted on 10 July 2013

HMRC has launched a campaign for individual taxpayers who failed to complete their tax returns under the Self Assessment requirements for 2011/12 to settle any outstanding tax bills.

The campaign follows last year’s Tax Return Initiative which saw over £30m paid when over 3,000 people came forward voluntarily, filing more than 5,500 tax returns. As part of the new campaign, HMRC will write to several thousand people identified using intelligence gathering software Connect, and follow up with calls to many of them.

From 9th July, tax payers who failed to complete a Self Assessment tax return for any year up to 2011-12 have a window of opportunity to tidy up their tax affairs.

Once participants have told HMRC that they would like to take part, they have until 15th October 2013 to complete and submit a tax return, and pay the tax and National Insurance Contributions (NICs) that they owe.

If they have not submitted their returns and paid the tax due by 15th October 2013, penalties of up to 100% of the tax, or even criminal investigation, could follow.

For further information regarding this campaign or any of your tax affairs, please get in touch with your usual Smith Cooper contact or one of our tax team here.

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