HMRC campaigns update: your chance to disclose missed tax payments

HMRC is offering individuals who may have missed tax payments on property sales, and those who have failed to file self assessment returns, the opportunity to come forward and settle any unpaid tax as part of time-limited campaigns.

There are currently two live HMRC campaigns in which individuals can voluntarily put their tax affairs in order:

Property sales campaign

Open to individuals who have sold residential properties, in the UK and abroad, that are not main homes. Although some individuals may qualify for private residence relief, properties making a profit from sales may be liable for capital gains tax. Individuals must inform HMRC of their intentions to take part in the campaign by 9 August 2013.

Tax return catch up

Open to individuals who are yet to complete a self assessment tax return for all years up to the 2011-12 tax year and who have already received a notice from HMRC. Those wanting to take part will have to notify HMRC, complete and submit returns by 15 October 2013, and pay any tax payment that may be due.

Under the campaigns, individuals will be able to take advantage of paying the tax they owe and benefit from lower penalties than if HMRC were to find them at a later point.

HMRC's campaigns form part of an ongoing crackdown on tax evasion by the Government, with the Liberal Democrats this week pledging to raise £4 billion by tackling tax evasion in 2012 and £9 billion by 2015.

We can help get your tax affairs in order. Please get in touch.