Top rate taxpayers Self Assessment deadline is here

Top rate taxpayers who have yet to submit their Self Assessment tax returns now face stiff penalties from 2sup>nd/sup> October.

HM Revenue & Customs wrote to thousands of higher rate taxpayers at the beginning of September as part of their Tax Return Initiative reminding them to submit their returns for 2009/10 or earlier by 2nd October to avoid a penalty of up to 100% of the amount owed and avoid possible criminal investigation.

Head of HMRC Campaigns Marian Wilson said the initiative offered taxpayers a ‘quick and straightforward’ way to bring their tax affairs up to date.  She also added;

“If you cannot afford to pay what you owe all at once, don’t worry.  If your circumstances warrant it, you will be able to spread the payments”.

Andrew Cross from Arcus commented;

“If you have not yet submitted a return, it is advisable to contact HMRC as soon as possible to explain the circumstances.  Failure to act or contact them can result in severe penalties and the longer you leave it, the more they will charge you.

If you need help submitting your return you can contact Andrew for a free no-obligation meeting on 01572 770 552.

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