Time to catch up?
HMRC are currently operating a “catch-up” campaign for people who have been served with a notice to complete self assessment returns for 2011/2012 and prior years but have as yet failed to do so.
To qualify you must first inform HMRC that you intend to take advantage of the campaign and you must then submit all your outstanding returns AND pay over any Tax and National Insurance owing by 15 October 2013. Returns are best submitted on-line provided you register for on-line services or can be downloaded for completion and sent by post if necessary.
If you are concerned that you may not be able to settle all your liability for the outstanding years, payment in instalments may be possible, depending on your circumstances, but will only be considered if all late returns have been submitted by the due date. This can be discussed with the Revenue on a dedicated “My Catch Up Helpline ” but your accountant may be able to negotiate on your behalf.
If you are entitled to a repayment it will be made, again providing all outstanding returns are submitted by the closing date, but only for 2009/2010 and subsequent years. However if a determination of tax due for prior years was only made in the past 12 months your tax position will be reviewed and overpayments refunded if deemed appropriate.
It’s worth remembering that the Inspector will catch up with you eventually if you have outstanding returns and there will be penalties to pay – even if you do not owe any tax. Court costs may also be incurred if outstanding tax, interest and penalties cannot be settled immediately. Taking part in this campaign will not only help you avoid these extra costs , but also give you the chance to wipe the slate clean and improve your behaviour record with the Revenue.
If you have any questions relating to this or would like us to help with your returns please contact us today on 01633 871122.