Higher rate taxpayers who have failed to submit tax returns are being offered the opportunity to come forward and pay up under a time-limited HM Revenue & Customs (HMRC) campaign.
The Tax Return Initiative, launched on 3 July, is aimed specifically at people liable to pay tax at rates of 40% and above who have been told to submit a Self Assessment tax return for 2009/10 or earlier, but have not done so. However the campaign is also available to any individual who has tax returns to submit to HMRC for these years.
People have until 2 October 2012 to tell HMRC they want to take part, submit completed returns, and pay the tax and National Insurance Contributions (NICs) that they owe. By coming forward voluntarily through the campaign customers will receive better terms, and any penalty they pay will be lower than if HMRC comes to them first.
Read more at www.hmrc.gov.uk