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Outstanding Tax Returns? There is a new HMRC settlement deal available.
Date: 15th July 2013
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Have HMRC issued with a new Tax Return which is still outstanding? Well, HMRC have recently announced a new deal to encourage anyone to come forward to get their affairs in order.
Are you someone who has received a Return from HMRC but not yet submitted it? Well, if it is any Return other than that for the year ended 5th April 2013 then it is late and late penalties will apply. Sometimes, people cannot recall if they have any outstanding Tax Returns - perhaps because they have moved and HMRC are still writing to the old address and correspondence is not being forwarded on.
If this sounds familiar, then now is a good time to sort it out because HMRC are offering an opportunity to anyone who comes forward to get their house in order to do so with much lower penalties than may otherwise have been the case. The new settlement deal doesn’t mean that no liabilities will become payable. Any Tax due and interest will still be calculated in the same way. However, HMRC are also able to levy penalities of anything up to 100%. But, under the new HMRC settlement deal, any penalties will be restricted to 10%.
Anyone choosing to take advantage of the deal has until the 15th October to file their Return and pay any liabilities due. Failure to do so by this time will mean that the opportunity to take advantage of the deal will be lost and then potentially expose themselves to 100% penalties.
If you think that this opportunity to get your house in order may be of interest to you then please contact us as a matter of urgency. Whilst the deadline is still a few months away, it takes time to establish with HMRC which Returns are still outstanding, complete and file them. Therefore, leaving it until the last minute will probably already be too late.