What to do if you miss your self assessment deadline …

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HMRC has launched a new voluntary campaign for individual taxpayers to settle their tax bills if they have failed to complete a self assessment tax return up to 2011/12.

The settlement window opened this week and participants have until 15th October to complete and submit a tax return, and pay the tax and National Insurance Contributions (NICs) that they owe.

Those that come forward under this campaign will benefit from a reduced penalty of 10%.

Penalties will rise to between 30% and 100% of the amount of tax due thereafter.