Shropshire tax specialist says last chance to reduce late return fines
A Shropshire tax specialist is reminding top-rate taxpayers they only have a couple of weeks left to take advantage of an amnesty scheme that will reduce potentially hefty fines for filing late tax returns.
Under the HM Revenue and Customs’ Tax Return Initiative, more than 7,000 higher-rate taxpayers nationwide have until Tuesday 2nd October to submit returns for the 2009-10 period and fill in gaps in their self-assessment record.
“By voluntarily coming forward with the information now before next month’s deadline, the fines levied on taxpayers by HMRC will be greatly reduced,” Fiona Green, Taxation Director of Shrewsbury-based DJH Accountants, explained. “Under this campaign, taxpayers must pay the tax and any interest due, as well as facing fines between 10 and 20% of the tax due. After 2nd October, the Revenue will use its full legal powers to pursue outstanding returns and any unpaid tax, with fines worth up to 100% of the tax due, and even the possibility of criminal prosecution for the worst offenders, on the cards.
“This scheme is a great opportunity for individuals to get their tax affairs up to date in as straightforward and painless way possible, and I’d urge anyone affected by the initiative to take advantage and get their house in order.”
The HMRC Tax Return Initiative doesn’t apply to tax returns for the 2010-11 period, which were due to be paid in January this year. Taxpayers who haven’t filed returns for this period face a fine of at least £1,200.
With dedicated bases in Staffordshire and Shropshire, DJH provides a wide range of services to businesses and individuals across the Midlands, including accountancy, tax advice, business consultancy and wealth management. Founded in 1984, the company has built up an enviable reputation for providing timely, cost-effective, and professional financial and business advice, tailored to the needs of each client, from large multinational companies to rapidly expanding SMEs.
For further information about DJH Accountants, please contact the Shropshire office on 01743 443390, the Staffordshire office on 01782 710101, email mailbox@djh.co.uk, or visit the website www.djh.co.uk.
