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Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.
Friday, 6 July 2012
HMRC Offers Amnesty
The Telegraph reports that people who have not completed self-assessment forms will be given three months to declare untaxed income earned before 2010. Those who fess up will be given reduced penalties of £200, plus a fine equivalent to 10% of the unpaid tax.
This is a significant mollification of HMRC's normal stance on late/non submissions. Fines are normally up to 100% of unpaid tax, and spot fines can be more than £1,000.
Taxpayers (not "customers") who do not make use of the amnesty to fess up will face aggressive criminal prosecutions.
HMRC will write anyone who should be paying tax at 40% or 50% but has failed to comply with a request to fill in a self-assessment tax return for the tax year 2009-10 or earlier.
The “Tax Return Initiative” has a deadline of Oct 2.
Tax does have to be taxing.
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