HMRC has launched its latest campaign, called ‘My Tax Return Catch Up’. This campaign is targeting those whom have failed to file self assessment tax returns for all years up to 2011/12.
This is the most recent of HMRC’s disclosure opportunities. Each campaign is designed to encourage certain groups of taxpayers to make a voluntary disclosure. The idea is to allow an amnesty for the taxpayer to come forward and meet their obligations within a certain timeframe. After the period of amnesty, which carries a greatly reduced penalty position, HMRC have threatened to come down hard on any who still fail to take advantage of this opportunity.
As with most HMRC campaigns, the framework is laid out as 2 stages, both having the same deadline:
•if you intend to use the disclosure opportunity you must first notify HMRC, by 15 October 2013 at the latest;
•you then have until 15 October 2013 to submit the returns and settle the tax, interest and penalties.
There are a variety of ways to notify HMRC:
- HMRC provides a form which can be sent electronically; or printed and posted to HMRC.
- HMRC have a dedicated My Tax Return Catch Up telephone helpline;
- Agents can notify HMRC on their clients’ behalf.
Information can be found at www.hmrc.gov.uk/campaigns/mtrc.htm
This disclosure opportunity provides taxpayers with a reduced penalty position, with HMRC even considering time to pay arrangements for those who cannot afford to settle the liability all at once.
This opportunity is designed only for those who have been sent a return or a notice to file one, and not for those who have failed to notify HMRC of chargeable income or gains. Nor is it available to those whom HMRC have contacted in their original disclosure campaign but have been ignored. Instead these failures to comply should contact HMRC’s Local Compliance Voluntary Disclosure Team.
Should you wish to discuss any such need for disclosure please contact your dedicated team manager.