Also in the news...
Northern Ireland firm expands into new markets after new partnership between UKEF and Ulster Bank
UKEF’s support helping Maxflow gain access to capital through its General Export Facility (GEF) will see the business expand into new export markets.
New global growth team
A new ‘global growth team’ of UK Trade Envoys has today been appointed by the Trade Secretary to drive UK exports and investment.
New 'global growth team' appointed by Trade Secretary
A new ‘global growth team’ of UK Trade Envoys has today been appointed by the Trade Secretary to drive UK exports and investment.
UK Trade Minister visited South Africa and Botswana to strengthen trade ties
This was the first visit to Africa by UK Minister for Trade Policy Douglas Alexander, which forms part of the UK Government’s wider resetting of partnerships with Africa, which the Foreign Secretary set out in November during his visits to Nigeria and South Africa.
Former Amazon boss named interim chair of CMA
Doug Gurr will lead the CMA on its mission to support growth for the UK
Behind on your UK Tax Return Filings?
HM Revenue & Customs (HMRC) have launched a tax return ‘amnesty’ for those individuals who have been issued with a self assessment tax return or notice to complete a tax return for any year up to 2011/12 and have not completed the return(s).
HMRC are offering ‘the best terms available’ to those who come forward now and take part in the ‘My Tax Return Catch Up’.
Any individual that wishes to take part in this campaign must make an application, submit all outstanding returns and pay outstanding liabilities or claim any repayment that might be due by 15th October 2013.
Can I spread the payments?
HMRC have advised that they will look at spreading the payments where the taxpayer is unable to pay the liability in full. By taking part in the campaign, a taxpayer will increase their chances of paying reduced ‘behavioural based’ penalties.
How do I apply?
In order to apply for the campaign, individuals should ask their Tax Advisor to register and complete and return the HMRC ‘My Tax Return Catch Up Notification’ form.
The campaign does not apply to individuals that have not yet been issued with a tax return or where HMRC has already opened an investigation.
Any individual that has received but not yet filed their tax return for 2011/12 should also be aware that an additional £300 penalty and 5% surcharge on underpaid tax will apply from 1 August 2013.
If you would like to take advantage of this campaign or need assistance with bringing your tax affairs up to date, please contact Jonathan Boyfield below.
Jonathan Boyfield
Partner, Expatriate Tax
Direct Dial: +44 (0) 20 7430 5986
Email: jboyfield@fitzandlaw.com