HM Revenue and Customs (HMRC) recently introduced a campaign for taxpayers to bring their tax affairs up to date under Self Assessment.
This is aimed at individuals who have been issued with a tax return for any tax years up to 5 April 2012 but who have not yet submitted the return to HMRC.
Individuals who have outstanding tax returns and who do not take advantage of this campaign may face a penalty charge of 100% of the outstanding income tax and National Insurance Contributions (NIC) (200% for overseas matters for the 2012 tax year).
If you would like to join this campaign, you must notify HMRC and submit all outstanding tax returns up to 5 April 2012 by 15 October 2013. In addition, any outstanding income tax and NIC must be paid by 15 October 2013. It may be possible to arrange a payment plan with HMRC’s My Tax Return Catch Up team.
Taxpayers cannot take part in this campaign if HMRC has opened an investigation, enquiry or compliance check into their tax affairs. Also, only taxpayers currently registered for Self Assessment can take advantage of this campaign.
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