Posted on 4 September 2013
The latest tax return ‘amnesty’ has been launched by HMRC aimed at those individuals who have been issued with a self-assessment tax return or notice to complete a tax return for any year up to 2011/12 but have not yet completed their outstanding tax return(s).
For those individuals who have fallen behind with their tax affairs this represents a good opportunity to bring matters up to date and importantly mitigate their potential exposure to significant tax penalties.
In order to take part it is necessary to make an on line notification to HM Revenue & Customs and then complete and submit all outstanding returns. In addition any amounts due to be paid must also be settled.
To take advantage of the amnesty all outstanding tax returns and payments need to be made to HMRC before 15th October 2013. However, HMRC have advised that they will look at spreading the payments of tax, if full payment cannot be made. By taking part, individuals will also increase their chances of paying reduced behavioural based penalties.
To discuss the ‘My Tax Return Catch Up’ or any other tax related queries, please get in touch one of our tax experts here.