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HMRC are continuing their raft of campaigns to increase tax revenue. Now it is the turn of individuals who have been asked to or need to prepare a tax return for 09/10 or earlier and have not yet done so.
So, if you’ve been sent a tax return or a notice to deliver one for any period up to and including the 09/10 tax year - this initiative applies to you!
Under this ‘Tax Return Initiative’ you have until 2 October 2012 to submit overdue tax returns and tax liabilities but you need to notify HMRC of your intention to do so now.
Contact Lesley Sutton on 01484 550 037 or at email@example.com for more details.
HMRC have been launching various taskforces to target specific sectors where they believe there is a high risk of substantial tax evasion. Plumbers, on-line traders and tutors are to name just a few of the sectors for which voluntary disclosure regimes have already been launched.
Under the latest disclosure regime, named the ‘Tax Return Initiative’ HMRC have widened their target to all individuals who should have filed a tax return for the 09/10 tax year or earlier.
They have specifically requested that anyone who has received a tax return or a notice to deliver a tax return for the 09/10 tax period or earlier and have not yet submitted it to HMRC should do so now. If this applies to you it is likely you have already received various payment and late filing reminders.
Please remember that this will not go away and if you fail to take HMRC up on their offer to disclose now they will be much less understanding when they come to you. Furthermore, even if you have not received any of these notices but you think you possibly should have filed a tax return for 09/10 or earlier then you should take advice now to discuss if disclosure is recommended.
HMRC have mentioned that 40% and 50% rate tax payers will be their primary target. Therefore, if any of this applies to you act now before HMRC come to you. By approaching HMRC first you are much more likely to get better terms and penalties will be lower than if HMRC come to you. You will need to notify HMRC now of your intention to file a tax return and pay any outstanding tax. Then you will need to ensure that the outstanding tax returns are filed and tax and NICs paid by 2 October 2012.
To discuss further please contact Lesley Sutton on firstname.lastname@example.org or on 01484 550 037.