HMRC has launched a new voluntary campaign for individual taxpayers to settle their tax bills if they failed to complete a self assessment tax return up to 2011/12.
The settlement window opened this week and participants have until 15 October to complete and submit a tax return, and pay the tax and National Insurance Contributions (NICs) that they owe.
Those that come forward under this campaign will benefit from a reduced penalty of 10%.
Thereafter penalties will jump up to between 30% and 100% of the tax due, with an additional risk of criminal investigation.
In the coming weeks HMRC will...
About Robert Lovell
Business and finance journalist