HM Revenue and Customs has launched a new campaign designed to give self-assessment taxpayers a chance to settle outstanding tax bills if they failed to complete their tax returns under the Self Assessment requirements for the 2011/12 tax year.
From July 9, taxpayers who failed to file a Self Assessment tax return for any year up to 2011/12 now have a window of opportunity to make amends of their tax affairs, as part of the new ‘My Tax Return Catch Up’ campaign.
As part of the campaign, HMRC will be writing directly to the several thousand people it has identified using Connect, the organisation’s intelligence-gathering software, and will follow up with calls to many of them.
Proactive taxpayers can also notify HMRC themselves if they wish to join the campaign by completing an electronic notification form, available from the HMRC website; completing and posting a notification form also available from the HMRC website; or by calling the My Tax Return Catch Up helpline.
Participants in the My Tax Return Catch Up programme will have until October 15 2013 to complete and submit a relevant tax return and pay the tax and National Insurance Contributions (NICs) that they owe.
Beyond the October 15 deadline, participants who have failed to submit their returns or pay the tax due are liable for penalties of up to 100 per cent of the tax; criminal investigation could also follow.
How does this benefit you?
The new ‘My Tax Return Catch Up’ campaign allows taxpayers to:
Take advantage of a quick and straightforward way of bringing your tax affairs up-to-date.
Make use of the dedicated helpline.
Increase your chances of saving a higher penalty based on your responsible behaviour.
Avoid receiving an estimate of the tax you owe and action to collect this, including phone calls, visits and court hearings.
Self Assessment taxpayers who have yet to file a return for the 2011/12 tax year are already on the verge of hitting the next level of HMRC filing penalties.
On August 1 2013, these returns will be six months late and taxpayers will therefore be liable to pay a £300 penalty or 5 per cent of the tax due – whichever is greater.