Self-assessment overdue? hmrc launches amnesty

For any professionals that fear that their self-assessment may be overdue, HMRC have offered an olive branch to aid the settlement of late filing penalties.

Most unlike the Revenue, their helpful opportunity for exoneration is a welcome surprise for anyone who may have unsettled Self-Assessment returns or other related tax troubles looming over them.

With their new scheme named ‘My Tax Return Catch Up’, the Revenue has launched the initiative designed to help delinquent filers get back on track with HMRC duties in a legal and legitimate way.

The scheme in question has been made available to any individual who has an unresolved Self-Assessment tax return from the year 2011/12. HMRC have added that anyone who wishes to declare through their new amnesty should do so as soon as possible, and they will then have until October 15th to file any outstanding returns either online or on paper.

HMRC lists the benefits of the scheme as follows:

• Take advantage of this quick and straightforward way of bringing your tax affairs up to date
• Make use of the dedicated helpline
• Increase your chances of saving a higher penalty based on behaviour
• Avoid receiving an estimate of the tax you owe and action to collect this including telephone calls, visits and the courts

This new step from the Revenue is undoubtedly a step forward in positive correspondence from the taxman, updates and changes of late have been far from advancements like this recent reprieve.

Although we may be far off leniency regarding other tax queries, HMRC remaining tight-lipped regarding the same compassion in regards to IR35 and contractor tax, this self-assessment venture will help many individuals, and is a positive sign of HMRC understanding.