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Revenue offers 'second chance' for outstanding tax returns
HM Revenue & Customs (HMRC) has launched a new campaign aimed at taxpayers who have failed to submit their self assessment tax returns for previous years.

Under the scheme, taxpayers who received a self assessment tax return or a notice to complete a return for any year up to 2011/12, but who failed to take action, can notify HMRC that they wish to take part in the campaign. They will then have until 15 October 2013 to complete and submit their returns and pay any outstanding tax.

Individuals who fail to meet the deadline will be liable to penalties of up to 100% of the tax due, and could face criminal investigation.

Marian Wilson, head of campaigns at HMRC, said, 'This is definitely the best time to catch up, on the best possible terms. While some penalties will apply, it is likely to cost people more if we have to find them rather than them coming to us'.

The campaign follows a number of previous initiatives by HMRC, which have resulted in payments of more than £547m from voluntary disclosures, and nearly £140m as a result of follow-up activity.

We can help with all of your tax planning needs, including dealing with your tax returns on your behalf. Please contact us for further advice and assistance.