October 18, 2012 Leave a comment
Not done your Tax Return for 2010/11?
Want to save on penalties & fines?
Then read this to save money!
On 3rd July 2012 HM Revenue & Customs (HMRC) began its “Tax Return Incentive”, writes Bevan & Buckland’s Tax Manager, Lee Bradley.
This incentive applies to any taxpayers who have not completed their Self-Assessment forms for the Tax Year 2009/10 or earlier. HMRC are writing to anyone who falls within the 40% or 50% tax bands, and who have failed to comply with a request to fill in a Self-Assessment Tax Returns, with an incentive.
Anyone voluntarily coming forward will receive reduced penalties of £200, plus a fine equivalent to 10% of unpaid tax. “Compared to the standard rates of a £1,000 penalty plus fines of 100% of any unpaid tax, these reductions must be worth considering” writes Lee. He also points out, however, that “the deadline to declare any untaxed income is the 2nd October 2012, so don’t delay”.
This incentive from HMRC is certainly worth getting your tax affairs up to date before the deadline, as you could save thousands of pounds in penalties and fines.
If this applies to you please speak to either your usual contact in Bevan and Buckland, or contact Lee directly using the details below, as soon as possible.
Bevan & Buckland have both the expertise and experience of dealing with these issues, so if we can help please contact Lee on 01792 410119 or firstname.lastname@example.org
Bevan & Buckland Accountants Swansea Tel: 01792 410100
Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666
Bevan & Buckland Accountants Pembroke Tel: 01646 682383
Bevan & Buckland Accountants Carmarthen Tel: 01267 233115
Bevan & Buckland Accountants St David’s Tel: 01437 720352