Tax Tip

HMRC has launched a new campaign which runs from 3rd July to 2nd October 2012 and is aimed at those who should be paying tax at 40% or 50%, and whose tax returns for 2009/10 and earlier have not yet been submitted.

Anyone taking part will not be charged a tax related late filing penalty; however, fixed penalties, interest and surcharges for late payment will still apply.

Stuart Coleman, Manager of the Tax Department of ABDS says:
“HMRC is running a number of disclosure facilities at present and specialist advice should be sought at an early stage to determine which one is the best for your situation.”
To take part in the Tax Return Initiative you need to tell HMRC that you intend to do so. You can do this by completing an online form and sending it to HMRC either electronically or by post. It only takes a few minutes. You then need to complete and submit your late tax return(s) and pay what you owe (or claim any repayment that might be due) by 2 October 2012.

Once you have submitted your outstanding tax returns, you will need to pay the tax and National Insurance contributions that you owe or claim any repayment that is due before 2 October 2012.

If you need any help and advice for your Tax and the implications of the HMRC initiatives, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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