HMRC (HM Revenue & Customs) have recently put into play an offer that Higher-rate taxpayers that have so far failed to file their returns will have a chance to come forward and ‘pay up’ in a special time-limited offer.
HMRC (www.hmrc.gov.uk) are keen that those responsible for filing their returns do so rather than having to chase up on possible tax evasion. The scheme (Tax Return Initiative) in which those which are liable for tax rates of 40% or greater is being extended to people telling them to submit their due returns for 2009-10.
You can contact HMRC and see if you are eligible for this ‘extended’ return period at their campaign page It may be open to those that pay less tax to use this initiative. www.hmrc.gov.uk/campaigns/tri.htm
You have until October 2 to contact HMRC if you want to take part, submit completed returns and pay tax and National Insurance Contributions (NICs) that may be outstanding.
The benefit of committing to this late extended submission is that HMRC will consider your actions and you will be less liable to encounter penalties.
If you fail to submit your returns by October 2nd HMRC will pursue any returns it considers outstanding and will apply penalties, such penalties could be up to 100% of the value of the outstanding tax due or be liable for criminal investigation.