Finance

wealthy

HMRC is reaching out to wealthy taxpayers who are behind on submitting their income tax self-assessment (ITSA) returns for the tax years 2020/21 and 2021/22, urging them to do so by 12 July 2024.

HMRC has identified several wealthy individuals who either:

  • Have submitted returns for 2020/21 and 2022/23, but not for 2021/22; or
  • Have submitted returns for 2019/20 and 2022/23, but not for 2020/21 and 2021/22.

In each case, the taxpayer received a notice to complete the overdue return(s).

HMRC is requesting these taxpayers to submit the overdue return(s) by 12 July 2024. Penalties may be imposed for late submissions, along with interest on any late tax payments. Taxpayers can appeal against penalties if they have a reasonable excuse for the delay. Penalties for errors will be assessed individually.

If the return is not submitted by 12 July 2024, HMRC will issue a determination, which is an estimate of the tax due based on the available information.

If a taxpayer believes they are not required to file a return, they should contact HMRC’s helpline at 03000 516640.

Template letter: late return for 2021/22


Template letter: late return for 2020/21 and 2021/22

For further information on your own tax affairs, please contact us directly as all information in our articles is general and can not be considered official advice from the K2 group.