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Higher-rate taxpayers who have been remiss in filing their returns are the main targets of an amnesty by HMRC, to encourage them to catch up on their submissions.
The time-limited initiative is mainly aimed at people who are liable to pay tax at rates of 40% and above, and who have not completed self assessment returns for 2009/10 or earlier despite having been told to do so.
However, taxpayers of all levels are welcome to make use of the opportunity.
They have until 2 October 2012 to tell the Revenue of their desire to take part, submit outstanding returns, and pay all tax and National Insurance contributions owed.
A dedicated helpline is available on 0845 601 8818, from Monday to Friday, 9am to 5pm.
By coming forward voluntarily, individuals will be subject to lower penalties than those who do not take part in what HMRC are calling the tax return initiative.
Delinquent higher- rate taxpayers who do not come forward by the autumn deadline will be pursued by the taxman and could face fines of up to 100% of tax due, and even criminal investigation.
Baker Tilly tax partner George Bull expressed doubts about the fairness of the latest Revenue disclosure opportunity.
He said by suggesting that people who sign up will be treated more leniently than those who have already filed late for 2009/10 or earlier, HMRC had put in place a situation akin to ‘retailers offering better terms to new customers than to long-standing, loyal customers’.
Mr Bull also voiced concern that the ‘endless string of amnesties is beginning to reflect badly’ on the taxman.
He suggested as a preferable alternative a ‘blanket amnesty, giving everybody whose tax affairs are not in good order a once-and-for-all chance to make honest women and men of themselves, before returning to the normal, statutory regime for tax compliance’.
