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Chance to avoid Fines over late Tax-Returns

HM Revenue and Customs (HMRC) have offered taxpayers who have failed to file tax-returns a window of a few weeks to submit them, and has warned that if they fail to do so they will face large fines.

The normal procedure for HMRC is to issue fines of 100pc of the tax due to those who fail to file tax-returns, but in a special initiative they have offered taxpayers who have failed to submit returns for tax year 2009/2010 and earlier, the chance to submit the returns for a reduced fine rate of between 10pc and 20pc.

While all taxpayers are eligible for this, it is thought that HMRC will write to only about 7,000 of the higher rate taxpayers who have failed to file tax-returns. A spokesman for HMRC also stated that some taxpayers who have outstanding tax-returns dating back to the 70’s and 80’s are still eligible for the scheme, but that if HMRC did not hear back from those who had been contacted, they would start “making our own enquiries”.

HMRC said: “People have until 2 October to tell us they want to take part, submit completed returns, and pay the tax and National Insurance contributions that they owe. By coming forward voluntarily through the campaign, people will receive better terms and any penalty they face will be lower than if HMRC comes to them first”

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