Reduced penalty is a reward for co-operation, says Baker Tilly
Taxpayers who have failed to submit a tax return for 2009/10 or earlier have been reminded that if they wish to take part in HMRC’s Tax Return Initiative they must ‘tell HMRC they want to take part, submit completed returns, and pay the tax and NICs that they owe’ by 2 October.
While the campaign is aimed at people liable to pay tax at higher rates, it is ‘also available to others who have tax returns to submit for these years’, the department said in a press release yesterday.
HMRC added: ‘By coming forward voluntarily through the campaign, launched on 3 July, people will receive better terms, and any penalty they pay will be lower than if HMRC comes to them first. After 2 October, if they have not sent in their tax returns and paid what they owe, HMRC can use its legal powers to pursue outstanding returns and any unpaid tax and NICs.’
This initiative is ‘particularly important’ now that a new late filing regime has come into effect, and the reduced penalty is essentially a reward for co-operation, said Baker Tilly: ‘It is inevitable that having offered this initiative, HMRC will robustly pursue those who have a number of tax returns to complete and yet fail to get their affairs up to date.’
Reduced penalty is a reward for co-operation, says Baker Tilly
Taxpayers who have failed to submit a tax return for 2009/10 or earlier have been reminded that if they wish to take part in HMRC’s Tax Return Initiative they must ‘tell HMRC they want to take part, submit completed returns, and pay the tax and NICs that they owe’ by 2 October.
While the campaign is aimed at people liable to pay tax at higher rates, it is ‘also available to others who have tax returns to submit for these years’, the department said in a press release yesterday.
HMRC added: ‘By coming forward voluntarily through the campaign, launched on 3 July, people will receive better terms, and any penalty they pay will be lower than if HMRC comes to them first. After 2 October, if they have not sent in their tax returns and paid what they owe, HMRC can use its legal powers to pursue outstanding returns and any unpaid tax and NICs.’
This initiative is ‘particularly important’ now that a new late filing regime has come into effect, and the reduced penalty is essentially a reward for co-operation, said Baker Tilly: ‘It is inevitable that having offered this initiative, HMRC will robustly pursue those who have a number of tax returns to complete and yet fail to get their affairs up to date.’
