File your old tax returns now to avoid large penalties

HMRC’s latest campaign the ‘Tax Return Initiative’, was launched on 3 July, aimed specifically at higher-rate taxpayers who have been told to submit a self-assessment return for 2009/10 or earlier, but have not done so.

Under the terms of the opportunity these individuals can submit returns and pay their outstanding tax by 2 October 2012 in return for beneficial penalty terms.

Reading between the lines and the guidance issued with the campaign, taxpayers who do not use this campaign and have old unfiled tax returns will probably be targeted by HMRC. If this is the case they could face penalties of up to 100% of any unpaid tax and could also incur daily penalties of up to £60.

We appreciate that from time to time that tax affairs can fall behind for any number of reasons and this presents a perfect opportunity for taxpayers to get their affairs in order with minimal fuss and some certainty over their potential penalty position.

If you believe your circumstances fit those detailed above please contact us for more details and to discuss if a disclosure using this initiative is appropriate for your circumstances.