HMRC have announced an amnesty for those people who have not submitted Self Assessment Returns for earlier years.
The initiative was launched on 3 July and is in the main targeting higher rate taxpayers who have failed to step forward and notify liability on a self assessment return. However, by extension this treatment can be extended to any individual who has overlooked submitting a return.
The amnesty is short lived and expires on 2 October 2012.
Applications to enter into the amnesty arrangement may be made at www.lexisurl.com/tri.
The advantages are that HMRC will offer to settle the liability at a lower penalty rate than they would normally have done. The penalties for an omission where HMRC make the discovery can be up to 100% of the tax and national insurance due for payment – so this is a significant opportunity to “come clean”.
If you would like to discuss this matter without any obligation please ring Sharon Nash on 0161 886 8060.