HMRC cracking down on tax avoiders
HM Revenue & Customs is beginning to crack down on missing tax returns for the years 2009-2010. Currently, HMRC is unable to predict how many people are involved with missing tax returns, but wants people who have previously kept quiet to come forward and avoid further financial penalties.
If you are one of the many who are expected to have failed to submit their tax returns, you will get a better deal by admitting to it, rather than waiting for the HMRC to find out. You will, however, be expected to pay any tax owed and the interest accumulated on it, fixed penalties for the late payment and the surcharges for the late payment of the owed tax.
HMRC has made it clear, however, that this is not an ‘attack’ on the business owners and workers of Britain. It has been said that this campaign is there to help people who may not be submitting incorrect details deliberately. Some people may just have been happy to pay their estimated tax, whilst others may simply have been lost in the system.