Latest HMRC campaign

Posted by Sharon Yewen in Personal Finance on 12 September 2012 - Sharon is Financial Controller at checkmyfile.

Following on from previous campaigns whereby HMRC have targeted offshore investments, medical professionals, private tutors, plumbers, electricians and online traders, they are now offering higher rate taxpayers a special opportunity to submit tax returns and pay the tax and NI due by 2 October.

This applies to those higher rate taxpayers who have been told by HMRC to submit a self-assessment return for 2009/10 or earlier.

By voluntarily coming forward they will receive better terms and lower penalties. Otherwise HMRC will pursue these tax returns and unpaid tax and NI, resulting in penalties of up to 100% of the tax due and possibly criminal investigations.

Marian Wilson, head of HMRC Campaigns, says, “If HMRC has sent you a self-assessment tax return or notice to complete a tax return for 2009/10 or earlier and you have not yet taken any action, this campaign offers you a quick and straightforward way to bring your tax affairs up to date. But time is running out. You have until 2 October to submit your tax return and pay the tax you owe.”

So far such campaigns have collected £510 million from people coming forward and £120 million from HMRC follow ups.

There have been 18000 completed investigations and 23 criminal cases.

Sharon Yewen is Financial Controller at Checkmyfile. She is an FCA and has a degree in accountancy from the University of Exeter. You can contact Sharon at sharon.yewen@checkmyfile.com

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