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Robocop's got nothing on the new Receive... Polygraphs give the lie to poker-faced c... UNIT TRUSTS:Unit Trusts: Fleming Martin ... Budgeting's a bind, but it pays dividend... Making sense of the tax amnest... A will could be your shrewdest investme... Taxing times for small firms as the gove... Working from home: do pros outweigh cons... |
Making sense of the tax amnestyNOT everyone is eligible to apply for the tax amnesty which ends on February 28. So who's in, and who's out? Broadly, there are three categories: 1. People who have never registered as taxpayers as well as registered taxpayers whose whereabouts are unknown to the Receiver (the cut-off date here is April 26 1994). 2. Registered taxpayers who submitted tax returns for 1994 and previous years, but who falsified returns. 3. Registered taxpayers who owe the Receiver for past debts, that is unpaid tax, interest and penalties relating to 1994 and previous tax years. CATEGORY 1 What relief is offered? Any tax, interest and penalties for which you may have been liable for 1994 and previous years will be wiped off the slate. Importantly, the Receiver won't prosecute. In respect of tax years after 1994, you will be liable for the assessed tax and interest. How do I apply? On a TR 1 application form. CATEGORY 2 What relief is offered? For 1994 and prior years, the interest and penalties (not the tax) on the undisclosed amounts. How do I apply? Written declaration to the Receiver. CATEGORY 3 What relief is offered? Interest and penalties on pre-1995 unpaid taxes. How do I apply? Written disclosure or submitting outstanding returns. ¥ Contact your local Revenue office or phone 0800 119 200. Top of page
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