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Own up and pay less in penalties

By Sleaford Target  |  Posted: September 05, 2012

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THOUSANDS of higher rate taxpayers who have failed to submit tax returns will receive letters from HM Revenue and Customs (HMRC) this month.

The Tax Return Initiative is aimed at people liable to pay tax at rates of 40 per cent and above and who have been told to submit a Self Assessment tax return for 2009/10 or earlier, but have not done so.

The initiative is available to anyone who has tax returns to submit for these years. People have until October 2 to tell HMRC they want to take part, submit completed returns, and pay the tax and National Insurance Contributions (NICs) that they owe.

By coming forward voluntarily through the campaign, launched on July 3, people will receive better terms, and any penalty they pay will be lower than if HMRC comes to them first. After October 2, if they have not submitted their tax returns and paid what they owe, HMRC will use its legal powers to pursue outstanding returns and any unpaid tax and NICs. Penalties of up to 100 per cent of the tax due, or even criminal investigation, could follow.

People can take part in the campaign by logging on to www.hmrc.gov.uk/campaigns/ tri.htm

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