Time runs out for tax

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TIME is running out for taxpayers in Northumberland who have failed to submit returns to take up a special opportunity being offered by the tax authority.

The Tax Return Initiative is aimed at people liable to pay tax at rates of 40 per cent and above who have been told to submit a Self Assessment tax return for 2009/10 or earlier, but have not done so.

However, the campaign is also available to anyone who has tax returns to submit for these years.

People have until October 2 to tell HM Revenue & Customs (HMRC) that they want to take part, submit competed returns and pay the tax and National Insurance contributions they owe.

By coming forward voluntarily through the campaign, launched on July 3, people will receive better terms and any penalty they pay will be lower than if HMRC comes to them first. Big penalties could follow for those who do not pay by this date as the authority will use its legal powers.