Top Rate Tax Payers Presented With Self Assessment Amnesty

Online, July 27, 2012 (Newswire.com) - People in the higher rate tax bracket who have failed to fill out tax returns are going to be provided with the chance to come forwards and pay their share in a campaign launched by the taxman. Here is a great opportunity for those who have over due tax returns to get themselves a very good accounting companies and get things straight.

The so-called self-assessment amnesty, introduced on 3 July, is specifically made for individuals liable to pay rates at 40% and above. Essentially, it's been designed for people who've been told to submit a self-assessment tax return for 2009/10 or earlier, but have not complied. At this time, there's no predicted figure of how much HM Revenue & Customs expect the drive to generate.

The opportunity is also available to anyone who is yet to submit tax returns for other years.
The scheme is open until two October for anybody who wants to disclose to HMRC any liability they may have, hand in completed tax return, and pay overdue tax and national insurance contributions.

Simply by coming forwards willingly through the campaign, people will receive better terms, and any fine they pay will be a lot less than if HMRC comes to them first.

After 2nd October, The revenue will use its powers to pursue overdue tax returns, outstanding taxes and national insurance . Those who have not submitted their income tax returns and paid what they owe are going to be chased. Penalties could include fines of up to 100% of income tax due and criminal proceedings.

Marian Wilson, head of HMRC campaigns, said: "This campaign is part of a wider HMRC initiative to provide support and guidance to the public on tax obligations and is aimed at people who failed to submit their tax returns on time and pay what they owe.
"Our aim is to make it easy for those people to contact us and send in completed tax returns, putting their affairs in order.
"Penalties will be higher if we come and find people who have not taken the advantage of this campaign and some could even face a criminal investigation. Therefore, I urge people to come forwards and disclose unpaid tax voluntarily".

From the above, it sounds like the revenue is doing all they could to entice those in the cycle to come forward. It's a great opportunity and a good idea will be for those concerned to get themselves a good tax accountants and get their tax affairs in order. It truly is unlikely that an opportunity such as this will present itself for a very long time to come.