Individuals across Sudbury and Colchester are being urged to file their self assessment tax returns now to avoid costly penalties.
Gary Perrens who runs TaxAssist Accountants in Sudbury and Colchester said: “Individuals must submit their online tax returns by January 31st or face an on the spot penalty of £100 for filing even a day late, even if they have no tax to pay or have paid the tax they owe.
“Filing early doesn’t mean you have to pay any tax due early, but if you are due a refund, HMRC will return this to you sooner. Make sure it’s you that earns the interest on any tax refunds, not the taxman.”
“Last Christmas some 17,000 people submitted their tax returns on Christmas Eve and 1,566 on Christmas Day itself. We’re encouraging individuals and small businesses across Sudbury and Colchester to get their tax returns in order early to avoid unnecessary stress and fines, as a result of making costly mistakes in their haste.”
Gary Perrens reminded local business owners that the £100 late payment penalty is now automatic and would not be reduced, even if they paid their tax on time. Returns which were three months late faced an additional £10 a day penalty up to a maximum of £900 and even harsher penalties applied if they were filed more than six months late.
TaxAssist Accountants is a local business providing tax and accountancy advice and services purely to small businesses across Sudbury and Colchester.
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