HMRCs Tax Return Catch Up campaign is due to end on 15 October 2013. So individuals who could benefit from the campaign have a little over two months to act.
The campaign is targeted at individual taxpayers who have failed to complete tax returns under the Self Assessment regime for years up to 2011/12. The campaign follows last year’s Tax Return Initiative campaign, which covered higher-rate taxpayers who had failed to submit 2008/09 or 2009/10 returns. Under that campaign, more than £30m of tax was paid when over 3,000 people came forward voluntarily, filing more than 5,500 tax returns.
After 15 October 2013, individuals who have not submitted their tax returns and paid tax due, may face penalties of up to 100% of the tax and even criminal investigation could follow.
David Nash, Partner at Magma said: “Individuals who have not met their requirements under Self Assessment and/or have undisclosed income or gains should seek advice urgently to ensure that they are compliant with their UK tax filing and payment obligations. HMRC have collated significant amounts of information and data using a variety of techniques focused on individuals who may have unpaid tax liabilities. The Tax Return campaign and other disclosure options exist for individuals and taking urgent advice can result in significant savings.”