Gabelle Tax Analysis: HMRC’s ‘Tax Return Initiative’
HMRC’s ‘Tax Return Initiative’ announced on 19 June 2012 will target higher-rate taxpayers who should be completing tax return but aren’t.
It applies for those who should be paying tax at 40% or 50%, and whose tax returns for 2009/10 and earlier have not yet been submitted.
The initiative runs from 3 July until 2 October 2012, by which time any outstanding amounts will also need to be paid.
Anyone taking part will not be charged a tax related late filing penalty; however, fixed penalties, interest and surcharges for late payment will still apply.
HMRC is running a number of disclosure facilities at present and specialist advice should be sought at an early stage to determine which is the best one for your client.