Self Assessment amnesty from HMRC

Self Assessment taxpayers who have not yet submitted overdue returns are being given a window of opportunity to settle their affairs in HM Revenue & Customs latest amnesty scheme.

Anyone who has not submitted a tax return up to the 2011/12 tax year can contact HMRC to participate in their latest amnesty scheme which could save some costly late filing and penalty fees.

A similar scheme last year aimed at higher rate taxpayers yielded more than £30million from over 3,000 taxpayers.

When participants register with HMRC they have until 15th October 2013 to submit their returns and pay any tax & National Insurance they owe.  If they have not submitted their returns by this date they could be liable for fines of up to 100% of the tax owed and in some cases be liable to criminal investigation.

Head of Campaigns at HMRC Marian Wilson said:

“This is definitely the best time to catch up, on the best possible terms.  While some penalties will apply, it is likely to cost people more if we have to find them rather than them coming to us.  We have made it easy to take part.

We know this approach works because campaigns launched so far have produced more than £547million through people coming forward voluntarily.  And evidence shows that people who change their behavior voluntarily are more likely to remain compliant longer.  We will continue to analyse our information using connect, our state of the art risking engine and will be looking more closely at people who have gaps in their tax records.”

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