Small businesses should complete their self assessment tax returns now and avoid hefty fines, a local tax specialist has warned.
Terry Strong, who runs TaxAssist Accountants in Buxton, said: “Local businesses must submit their tax returns by January 31 or face a fixed penalty of £100, even if they have no tax to pay or have paid the tax they owe.
“If they’re three months late, an additional £10 a day penalty will apply, up to a maximum of £900. After six months, a further £300 or five per cent of the tax due will be imposed, whichever is the higher figure. Missing the deadline means you needlessly lose a significant amount of your hard-earned income to the taxman.”