HMRC has announced its Tax Return Initiative campaign, aimed at 40% and 50% rate taxpayers who have not completed a 2009-10 or earlier tax return. Taxpayers in this position are being encouraged to submit their late returns and pay what they owe before 2 October 2012. The campaign will run from 3 July 2012 until 2 October 2012.
As with previous HMRC disclosure campaigns, there will be a reduction in penalties for those who make voluntary disclosure within the specified period.
Most individuals who had income of over £43,435 in 2009/10 will have been liable to income tax at 40%.
Any reader who has concerns should telephone Frank Collingwood on 01865 244661 in our Oxford office who will be pleased to assist. Frank is a Chartered Tax Adviser.