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'Amnesty' will offer reduced penalty of 10%
Self assessment (SA) taxpayers who have failed to file tax returns are being offered the chance bring their affairs up to date without facing major sanctions.
HMRC’s new catch-up campaign, launched earlier this week, is aimed at people and businesses that have received an SA return or notice to complete a tax return for any year up to 2011/12 but have not done so.
Those who wish to take part should first contact the Revenue. They will then be given until 15 October to complete and submit the outstanding documents and pay the necessary tax and National Insurance contributions.
Users of the catch-up opportunity will benefit from a reduced penalty of 10% of outstanding tax. Taxpayers who do submitted settle their SA affairs by the October deadline will face fines of 30% to 100% and may be put under criminal investigation.
HMRC say they intend to write to the taxpayers it believes should come forward. More information is available from a dedicated helpline on 0845 601 8818 and through the taxman’s website.
The campaign follows last year’s initiative for higher-rate taxpayers who had failed to submit 2008/09 or 2009/10 returns. More than £30m was collected by officials after 3,000 people came forward, filing over 5,500 returns.
