Small businesses across Sudbury and Bury St Edmunds who file their tax returns on paper are being urged to avoid spiralling penalty charges by ensuring they meet HMRC’s October 31st deadline.
Gary Perrens who runs TaxAssist Accountants in Sudbury, servicing Bury St Edmunds comments:
“Just one day late and you’ll have to pay the tax man £100, even if there is no tax to pay or you pay the tax due on time. The longer you delay the more you pay and the current regime of penalty charges could spiral up to £1,600 – that’s something small business owners will want to avoid at all costs.
“Although the deadline for online tax returns is not until 31st January, many small businesses still file their tax returns on paper and that deadline is 31st October. Some might be due a tax refund, so the sooner they file the sooner that money can be in their bank account.”
Small businesses that miss the tax return filing date by just one day will be charged an immediate £100 late filing penalty. If they are three months late, they will start clocking up additional £10 per day charges, for 90 days to a maximum of £900. If they are six months late they face a further £300 penalty or 5% of tax due. If they are 12 months late, yet another £300 penalty is imposed, or up to 100% of tax due.
TaxAssist Accountants Sudbury is a local business providing tax and accountancy advice and services purely to small businesses across Sudbury and Bury St Edmunds.
Member since: 17th March 2014
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