Final call for returns from higher rate taxpayers

Over 7,000 higher rate taxpayers are set to receive letters from HMRC offering them a final chance to submit any outstanding tax returns. HMRC is targeting those it believes have failed to submit tax returns for the year 2009/10 or earlier. Reports say the letters will give taxpayers one month to sort out their affairs, under what the tax authority is calling a “special opportunity”. A HMRC spokesperson is quoted by This is Money as saying, “People have until October 2 to tell us they want to take part, submit completed returns and pay the tax and National Insurance that they owe.” They added, “By coming forward voluntarily, people will receive better terms, and any penalty they pay will be lower than if we come to them first.” HMRC has said that those who can’t settle bills immediately may be given extra time to pay in instalments as long as they come forward by the 2 October deadline. Anyone who fails to come forward by this date but is found to owe a tax return and/or money to HMRC could be fined as much as 100 per cent of the tax that they owe and could even face criminal investigation.

http://www.50percenttax.co.uk/index/2012/9/4/final-call-for-returns-from-higher-rate-taxpayers.html