The Tax Return Initiative is aimed at people liable to pay tax at rates of 40 per cent and above and who have been told to submit a Self Assessment tax return for 2009/10 or earlier, but have not done so. The campaign is also available to others who have tax returns to submit for these years.
HMRC has reminded tax payers who fall into this category that they have until October 2 to tell HMRC they want to take part, submit completed returns, and pay the tax and National Insurance Contributions (NICs) that they owe. By coming forward voluntarily through the campaign, which has been running since July, people will receive better terms, and any penalty they pay will be lower than if HMRC comes to them first.
HMRC has warned that after this date, it can use its legal powers to pursue outstanding returns and any unpaid tax and NICs.
HMRC said it might estimate the amount of tax they owe for each year and enforce payment by taking them to court or by asking a debt collection agency to collect it or refer such cases for criminal investigation.
People can take part in the campaign by going online and registering on http://www.hmrc.gov.uk/campaigns/tri.htm
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Susie Hughes © Shout99 2012