HMRC’s ‘Tax Return Initiative’ announced on 19 June 2012 will target higher-rate taxpayers who should be completing tax returns but aren’t.
It applies for those who should be paying tax at 40% or 50%, and whose tax returns for 2009/10 and earlier have not yet been submitted.
The initiative will run from 3 July until 2 October 2012, by which time any outstanding amounts will also need to be paid.
Anyone taking part will not be charged a tax related late filing penalty; however, fixed penalties, interest and surcharges for late payment will still apply.
HMRC is running a number of disclosure facilities at present and specialist advice should be sought at an early stage to determine which is the best one for your client.
If you would like to know more about the Tax Return Initiative and the other options available for clients wishing to regularise their affairs, please contact the TaxDesk on 0845 4900 509 and ask for John Hood or Noel Hankinson.