HMRC have announced a new addition to their (tax) collection of on-going campaigns designed to encourage compliance going forward and recover outstanding income tax and/or National Insurance Contributions due to date.
The “My Tax Return Catch Up” campaign does exactly what it suggests, promising ‘the best terms on offer’ to those who agree to HMRC’s terms. Applicants are asked to register their willingness to join the campaign, complete any outstanding tax returns due but not yet filed and settle any overdue liabilities. Or, if fortunate, claim any overpaid amounts back.
In return, HMRC say that they will not issue estimated assessments or set the debt collectors onto those who join up and take part. There is also the possibility of reducing the behaviour-based elements of any penalties that are due. There is no offer of reduced automatic penalties, however.
The deadline for completion of the returns and payment of any income tax and National Insurance Contributions is 15 October 2013. Filing can be either by paper or online and the HMRC campaign page
gives links for both options. Initial signing up to the campaign is via a form, a copy of which can be found here
If you are interested then please speak to your normal Hazlewoods contact or Nick Haines. We can help you get the returns prepared in time to the right standard. While this is a useful amnesty care will still need to be taken to ensure that the information being provided is both correct and complete.