If you are diligently doing everything correctly, then you should have nothing to fear. These campaigns are targeted at people who do not declare all of their income or, worse still, have never informed HMRC that they require a tax return. They are not intended to penalise honest taxpayers.
If you think you have additional income to declare, you would be encouraged to seek professional advice and consider coming clean under a campaign. Generally, the penalties HMRC can impose are lower if you come forward; than if you wait for HMRC to find you first. But these campaigns should offer even lower penalties than normal.
If you would like to discuss these so-called ‘amnesties’ in more detail, please do not hesitate to contact your local TaxAssist Accountant.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.