Tax penalties looming for late returns
HIGHER-RATE taxpayers who have failed to submit tax returns are being warned they have just weeks to take advantage of a special HM Revenue & Customs (HMRC) campaign.
The initiative is aimed at people liable for paying 40 per cent tax and above and who have been told to submit a self-assessment return for 2009/10 or earlier but have not done so.
They have until October 2 to tell HMRC they want to take part, submit completed returns, and pay the tax and National Insurance contributions they owe.
By coming forward voluntarily they will receive better terms and any penalty will be lower than if HMRC comes to them first.
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After October 2, HMRC will start to pursue outstanding returns.
And penalties of up to 100 per cent of the tax due, or even criminal investigation, could follow.
Head of campaigns Marian Wilson said: "If HMRC has sent you a self-assessment tax return, or notice to complete a tax return, for 2009/10 or earlier and you have not yet taken any action, this campaign offers you a quick and straightforward way to bring your tax affairs up to date.
"But time is running out.
"If you cannot afford to pay what you owe all at once, don't worry.
"If your circumstances warrant it, you will be able to spread the payments."
For more information visit www.hmrc.gov.uk/campaigns/tri.htm.
Alternatively, call the HMRC helpline on 0845 601 8818.