Page 4 - Hunstanton Town & Around - September 2013
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4 Hunstanton Town & Around September 2013 Tel: 01485 533422 email: editor@townandaround.net
Singing is good for you!
Come and join us at the
Hunstanton
Community Choir
7pm to 9pm on Tuesdays
(new term starts Tues 3rd Sept!)
at Hunstanton Town Hall
(next to Tourist Information Centre)
Friendly, informal singing for
fun, no audition required,
no need to read music;
just turn up and see if you
like it – we do!
£3 a session, including
refreshments
MY TAX RETURN CATCH UP: LATEST HMRC CAMPAIGN TO ENCOURAGE DISCLOSURE
You may need our help to get your tax affairs in order! . . . . . . . .
By Kathryn Gigg Chartered Accountants, Hunstanton
HM Revenue & Customs (HMRC) has launched its latest campaign, called undeclared property sales. This campaign is aimed at individuals who have
“My Tax Return Catch Up” offering a structured way to bring your tax sold a residential property, either in the UK or abroad. This might be a
affairs up to date. second home or a holiday home, or a property that has been rented out.
This campaign is aimed at those who have previously been issued with There might also be an assessable gain on the sale of a main home if it did
a Self Assessment Tax Return, or Notice to Complete a Tax Return, for any not qualify in full for the principal private residence exemption.
year up to and including 2011/12, and have not yet taken any action. After 6 September 2013, the Revenue will take a closer look at the tax
These Revenue campaigns offer a ‘carrot & stick’ approach: the best affairs of those who have sold properties but who appear not to have paid
terms available for those who come forward, then taking a tough standpoint any Capital Gains Tax (CGT). Working out the CGT assessable on a
in the case of those who do not. In these circumstances, if you do not come property sale can be a complex matter and hence it will be of paramount
forward and HMRC subsequently find that you owe additional tax, you importance to take relevant professional advice.
may face higher penalties, or even criminal investigation. It is clear that in these economically challenging times HMRC are
To take part in My Tax Return Catch Up, as with most HMRC stepping up their drive to ensure compliance, and to identify those who
campaigns, there are 2 stages, but this time both have the same deadline: have underdeclared taxable income, so it is important that these
• Firstly you must tell HMRC that you want to use the disclosure opportunities to “set matters right” are not missed.
opportunity, by 15 October 2013 at the latest; and, It must be borne in mind that HMRC cannot provide independent
• Secondly you must complete and submit the outstanding Returns and pay advice to any taxpayer. For these reasons it is vital that anyone who
the tax, interest and penalties that you owe (or claim any repayment that needs to take advantage of these schemes should seek prompt
might be due), again, all by 15 October 2013 independent professional advice.
There are various ways to notify HMRC; and agents, such as ourselves, If you think you may be affected by the matters mentioned above, or
can notify HMRC on their clients’ behalf. require advice generally, please contact either myself or any one of my
The Collector of Taxes will also consider time to pay arrangements for highly qualified staff, who will be pleased to assist you. With our specialist
those who cannot afford to settle their arrears in one go. Again, as tax agents knowledge and experience of previous disclosure facilities we are able to
we will be able to negotiate such payment by instalment arrangements for ensure that you are advised correctly to get the best result for you.
clients.
It is not possible for everyone to use this disclosure facility. This is the Mrs K H Gigg FCA
second campaign aimed at overdue tax returns, and those who were Please contact Kathryn Gigg Chartered Accountants, Hunstanton on
contacted by HMRC in connection with the previous one, but did not use 01485 534800/email kate@kathryngigg.co.uk if we can assist in any
it, are excluded this time. way.
Those who have failed, to date, to notify the Revenue of previously
undeclared taxable income or gains should, most urgently, make a Caution:The information set out above is for general guidance only. You should neither act, nor refrain
Voluntary Disclosure and it will be important to take professional advice from action, on the basis of any such information. You should take appropriate professional advice on
your particular circumstances because the application of laws and regulations will vary depending on
before doing so.
particular circumstances and because laws and regulations undergo frequent change. Whilst I endeavour
The only other current campaign is the Property Sales Campaign with to ensure that the information contained herein is correct, neither I nor my firm shall be liable in damages
a deadline of 6 September 2013 which gives the opportunity to make the (including, without limitation, damages for loss of business or loss of profits) arising in contract, tort or
disclosure and settle the tax, interest and penalties arising on previously otherwise from any information contained in it, or from any action or decision taken as a result of using
any such information. © Kathryn Gigg 2013