Higher Rate Taxpayers Urged to Take Advantage of HMRC’s Tax Return Initiative - Before Deadline Expires


Are you a higher rate tax payer with outstanding tax returns? If yes, you have only one month left to take up a special opportunity being offered by HMRC.

This month, thousands of higher rate taxpayers who have failed to submit tax returns will receive a letter from the taxman reminding them that they have one month to submit late tax returns and pay up under 'The Tax Return Initiative' campaign.

Specifically, people have until 2nd October 2012 to inform HMRC that they want to take part, submit their completed returns, and pay the tax and National Insurance Contributions (NICs) that they may owe.

HMRC Logo

This campaign specifically targets those who pay tax at rates of 40% and above and who have been told to submit outstanding Self-Assessment tax returns for 2009/10 or earlier but, as yet, have failed to do so. The initiative is also available to anyone who has tax returns to submit for these years.

Why should these late tax payers come forward voluntarily? According to HMRC, people will receive better terms, and any penalty they pay will be lower than if HMRC comes to them first.

Should people not submit any outstanding returns and pay unpaid tax and NICs then penalties of up to 100% of the owed tax may be charged. It is possible that a criminal investigation may also follow.

HMRC has said that if you cannot afford to pay what you owe all at once and if your circumstances warrant it, you will be able to spread the payments.

If you have any questions about your particular tax circumstances, or would prefer Mitchell Charlesworth to help you manage your personal tax requirements, please contact us today or complete a quick enquiry form and we will be pleased to get back in touch with you.

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