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Taxpayers urged to submit historic tax returns under new HMRC campaign

 

Thousands of higher rate taxpayers with gaps in their self assessment record will receive letters urging them to take part in a new HMRC campaign to recoup unpaid tax.

 

HMRC is writing to 7,100 higher rate taxpayers who have failed to submit a tax return for tax years 2009/10 or earlier, advising them to come forward and make a disclosure.

 

Individuals have until 2 October to notify HMRC of their intention to take part in the campaign, which offers taxpayers the option to pay a reduced penalty.

 

This is likely to be between 10% and 20% of the tax due, plus the tax itself.

 

After this date HMRC will pursue outstanding returns and any unpaid tax and national insurance contributions, with penalties of up to 100% of the tax due. In some cases, a criminal investigation could follow.

 

Although aimed primarily at those paying 40% tax, the scheme is open to all taxpayers.

 

Marian Wilson, head of HMRC Campaigns, said: ‘If HMRC has sent you a self assessment tax return or notice to complete a tax return for 2009/10 or earlier and you have not yet taken any action, this campaign offers you a quick and straightforward way to bring your tax affairs up to date.

 

‘But time is running out. You have until 2 October to submit your tax returns and pay the tax you owe’.

 

Individuals who cannot afford to pay the full amount of tax at once are being offered the chance to spread their payments.

 

For more information on the campaign, visit: http://www.hmrc.gov.uk/campaigns/tri.htm

 

With reports of high pension charges attracting widespread media attention, the insurer fears that such publicity will deter many people from saving for their retirement.

 

‘We must ensure that information on charges and costs is available, clear and meaningful, and helps employees make the right decisions about their pension,’ commented Otto Thoresen, director general of the ABI.

 

‘For too long, different parts of the private pensions system, regulated by two different regulators, have given employees too little information about what they are paying.

 

‘Openness and transparency are now expected by customers, so we all have to do better,’ he said.