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Tax return warnings sent by HMRC | |
(1 day later) | |
Thousands of taxpayers will receive letters this week urging them to deal with any historical tax returns they have failed to submit. | |
HM Revenue and Customs' Tax Return Initiative is aimed primarily at higher rate taxpayers who have gaps in their self-assessment record. | HM Revenue and Customs' Tax Return Initiative is aimed primarily at higher rate taxpayers who have gaps in their self-assessment record. |
Fines will be reduced if taxpayers come forward with details voluntarily in the next month. | Fines will be reduced if taxpayers come forward with details voluntarily in the next month. |
Criminal inquiries could come after the deadline, the UK tax authority warned. | Criminal inquiries could come after the deadline, the UK tax authority warned. |
"This campaign offers a quick and straightforward way to bring your tax affairs up to date, but time is running out," said Marian Wilson, head of campaigns at HM Revenue and Customs (HMRC). | "This campaign offers a quick and straightforward way to bring your tax affairs up to date, but time is running out," said Marian Wilson, head of campaigns at HM Revenue and Customs (HMRC). |
Fines | Fines |
The campaign primarily targets those who have failed to return a tax return for 2009-10 or earlier, and who pay at the 40% tax rate. The campaign is open to those who pay basic rate tax. | The campaign primarily targets those who have failed to return a tax return for 2009-10 or earlier, and who pay at the 40% tax rate. The campaign is open to those who pay basic rate tax. |
HMRC has written to 7,100 individuals who the authority considers to be most likely to have missed a submission "despite penalties, reminders and statements", urging them to come forward. | HMRC has written to 7,100 individuals who the authority considers to be most likely to have missed a submission "despite penalties, reminders and statements", urging them to come forward. |
Anyone who does so is likely to have to pay the tax and any interest owed, as well as a fine set at the equivalent of 10% or 20% of the tax owed. | Anyone who does so is likely to have to pay the tax and any interest owed, as well as a fine set at the equivalent of 10% or 20% of the tax owed. |
In some circumstances, HMRC said it would allow people to spread these payments. | In some circumstances, HMRC said it would allow people to spread these payments. |
Following 2 October, the tax authority said it would use its legal powers to pursue those who have failed to submit self-assessment forms and have tax payments outstanding. | Following 2 October, the tax authority said it would use its legal powers to pursue those who have failed to submit self-assessment forms and have tax payments outstanding. |
The fine could then increase to 100% of the tax due. | The fine could then increase to 100% of the tax due. |
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