Deadline for HMRC?s late tax return campaign draws near

Time is running out for businesses that wish to take advantage of a time-limited amnesty on late tax returns which is being offered by HMRC.The initiative is aimed at higher rate taxpayers who have failed to submit Self Assessment tax returns for the tax year 2009/10 or earlier. Although those who pay the 40 per cent tax rate and above are the main focus of the campaign, the amnesty is open to anyone who owes a tax return for these dates.The deadline for those who wish to take advantage of the amnesty is 2 October. By this date, taxpayers must have submitted the returns that they owe and paid any tax and National Insurance necessary.HMRC says those who come forward before the deadline will receive better terms and a lower penalty than firms that choose to wait or do nothing. After 2 October, HMRC may use its legal powers to take enforcement action against those that owe tax returns and tax.Marian Wilson, head of HMRC Campaigns, said, “Time is running out if HMRC sent you a Self Assessment tax return or notice to complete a tax return for 2009/10 or earlier and you have not acted on it. You need to go onto the HMRC website now and bring your tax affairs up to date. If your circumstances warrant it, you will be able to spread the payments.”

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