Make a New Year resolution to tick off your tax return and avoid hefty fines, warns local tax specialist
Local small businesses are being urged not to miss the 31st January deadline to complete their online tax returns, or they could face hefty fines.
Alan Johnston who runs TaxAssist Accountants in Goldenacre said: “January can be one of the busiest periods for businesses, particularly in the leisure and retail industries, so we’re urging local employers not to get distracted and miss the 31st January deadline for filing their online tax returns.
“Some 840,000 UK businesses missed the deadline on 31st January last year, netting HMRC £84 million in fines. Even if they were only one day late filing their tax return online and even if they did not owe any tax, an immediate £100 penalty applied.
“The Government has said it plans to change to a driving licence-style points system for late filing of tax returns, but currently, in addition to the immediate fine, the figure will spiral, depending on how late the payment is, and could reach as much as £1,600.
“There are enough calls on local business owners’ hard-earned cash, without facing penalties for missed tax return deadlines. We’re urging them to make one of their New Year’s resolutions to tick off their tax return and avoid hefty fines.”
TaxAssist Accountants Goldenacre is a local business providing tax and accountancy advice and services purely to small businesses.