HMRC throws a lifeline to late tax payers

Sep 1, 2013

Leading accountancy firm Whitley Stimpson is calling for people who have failed to file self-assessment tax returns to take advantage of HMRC’s campaign to avoid costly penalties on top of a looming tax bill.

HMRC’s campaign forms part of an on-going crackdown on tax evasion by the Government, with the Liberal Democrats recently pledging to raise £4 billion by tackling tax evasion in 2012 and £9 billion by 2015.

 “Under the campaign, individuals will be able to take advantage of paying the tax they owe and benefit from lower penalties than if HMRC were to find them at a later point,” comments Owen Kyffin, Tax Partner, Whitley Stimpson.  “I strongly urge people to address any outstanding tax issues as soon as possible as there is no doubt that HMRC will catch-up with them soon.”

The opportunity to avoid severe penalties is open to individuals who are yet to complete a self-assessment tax return for all years up to the 2011-12 tax year and who have already received a notice from HMRC.

Those wanting to take part will have to notify HMRC, complete and submit returns by 15 October 2013, and pay any tax payment that may be due.

Whitley Stimpson has provided sound tax advice to individuals and businesses for more than 80 years. For further information or to arrange a free initial consultation with Owen Kyffin, please call Whitley Stimpson on 01295 270200.