The Tax Return Initiative is a campaign aimed at higher-rate tax payers who are yet to complete their Self Assessment tax returns for years 2009-10 and earlier.
The campaign, launched by HM Revenue & Customs, starts on 3 July and runs until 2 October 2012 by which time any outstanding amounts will also need to be paid.
Tax payers who have not yet done so are being encouraged to take part in the scheme and those who come forward will not be charged a late filing penalty, although HMRC has explained that they may still be charged fixed penalties of £100 per return, as well as interest and surcharges on any tax paid late.
“Any person who has been sent returns or been told to complete tax returns for years 2009-10 or before and has not yet done so is encouraged to take part in this opportunity by submitting their returns and paying what they owe by 2 October,” a spokesperson from HMRC explained.
This campaign comes as part of the HMRC’s overall drive to tackle failures to submit completed tax returns each year and will provide a time limited opportunity to encourage those who want to get their tax affairs up to date to come forward.
For further information or advice contact a member of our Tax team at your local Champion office.
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