A question posed to our head office- have you done yours?! Q: I have not submitted my 2011/12 tax return yet. What is your advice? A: Firstly, get your tax return drafted as quickly as possible. You could already be facing late filing penalties of £1,300 or more: • £100 – first automatic late filing penalty • £900 – daily penalties of £10 per day that started on 1st May 2013 • £300 or 5% of the tax due (whichever is higher) – which was issued on 1stAugust 2013 Not to mention interest and surcharges on any outstanding tax, which is also now late. But all is not lost. HMRC have recently launched the ‘My Tax Return Catch Up’ campaign which offers taxpayers with outstanding 2011/12 tax returns the opportunity to come forward voluntarily- in exchange for their best possible terms. You must inform HMRC you want to use the campaign and settle any outstanding tax liabilities by 15th October 2013. Soon after the Campaign closes, HMRC will use their extensive powers to identify those who have failed to come forward. The penalties they face will be more severe and HMRC may even pursue a criminal investigation in some cases. So the advice would always be to come forward first; don’t wait for HMRC to find you.
Posted on: Thu, 05 Sep 2013 16:10:18 +0000
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