|Avoid heftiest fines yet for late tax returns, warns local tax specialist|
|News - Business News|
|Sunday, 07 October 2012 08:10|
Small businesses across Llanelli who file their tax returns on paper are being urged to avoid the heftiest fines yet for late returns, by ensuring they meet HMRC’s October 31st deadline.
Roger Bowen who runs TaxAssist Accountants in Llanelli said that although the deadline for online tax returns is not until 31st January, many small businesses still file their tax returns on paper and that earlier deadline was looming fast.
“Individuals and small businesses across Llanelli that need to file self-assessment tax returns, now face the heftiest fines yet if they miss HMRC’s deadline. There is an initial £100 fixed penalty, even if there is no tax to pay and the tax due is paid on time. After three months, additional £10 a day charges apply and the penalties just keep rising.
“Even if you post your paper return just prior to the deadline date, you might still face the £100 fine, as the documents could arrive late at HMRC. Try to get proof of posting the return to cover yourself. If you do miss the deadline, of course all is not lost, as you still have the option of online filing which must be completed by the 31st January.”
TaxAssist Accountants Llanelli is a local business, operating across Carmarthen, Llanelli and Swansea, providing tax and accountancy advice and services purely to small businesses.