Thursday, 6 September 2012

Tax Return Initiative for 2009/10 and earlier

HMRC is about to send our reminders to thousands of higher rate taxpayers with overdue self-assessment tax returns for 2009/10 and earlier. Individuals will have until 2 October 2012 to inform HMRC that they wish to participate in the 'Tax Return Initiative', to submit the tax returns and to pay any outstanding tax.

HMRC say that by coming forward individuals will receive better payment terms and penalties will be lower than if HMRC catch up with them first. The spreading of payments may also be available under certain conditions and circumstances.

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