If you have failed to submit your Self Assessment tax return on time or you have outstanding tax bills, don’t miss out on the opportunity to take advantage of the HMRC’s Tax Return Catch Up.
The HMRC recently launched their Tax Return Catch Up campaign, targeted to any individuals who have failed to complete and submit tax returns for any year up to 2011/12. If you have previously been sent a Self Assessment tax return by HMRC and you have not yet completed this or you have outstanding tax due, you have until 15 October 2013 to bring your tax affairs up to date and avoid what could amount to substantial penalties thereafter.
If you are in this situation, we can help you get your tax returns in order. By coming forward voluntarily, you will be able to receive the best terms available and take advantage of the benefits of the Tax Return Catch Up, including:
- A quick and straight forward process which allows you to rectify any outstanding returns and bring your tax affairs to order.
- You will be charged a reduced penalty of 10% – these are the best terms that HMRC offer and is much less than the standard penalty which is between 30% to 100%.
- If you have overpaid Income Tax and National Insurance, then you will be due a refund. However, any overpayments earlier than 2008/09 are now considered outdated and will not be eligible for a refund, unless you have received an estimate in the last twelve months.
- It is worth noting that after the deadline of 15 October 2013, HMRC will be following up with the individuals identified as having outstanding taxes due and you could face penalties up to 100% of the tax due and the additional risk of criminal investigations.
- Before submitting the return, you need to notify the HMRC that you wish to take part in the campaign. This can be done by completing a form online, by post or by contacting the HMRC by telephone.
- Once you have informed the HMRC, you will have until 15 October 2013 to submit your return(s) and pay any outstanding Income Tax and National Insurance contributions owed or claim any repayments due.
For more information, please visit the HMRC website.
We can assist you and manage all the correspondence directly with the HMRC and complete and submit the return(s) on your behalf.
Please contact us on 020 8780 2349 for more information and advice on how to manage any outstanding returns and take advantage of the Tax Return Catch Up.
This blog is a general summary. It should not replace professional advice tailored to your specific circumstances.