Businesses 'struggling to meet tax return deadline'

Date: 24th January 2008

A large number of small businesses could have to pay a fine at the end of the month by failing to file their tax return in time, according to a new survey.

Research from software firm KashFlow states that 20 per cent of the UK's small business owners do not expect to submit their documents before January 31st, meaning that HM Revenue & Customs (HMRC) could receive about £200 million in fines.

According to the company, the number of businesses struggling to meet the deadline has increased by six per cent on last year, despite a major publicity campaign from HMRC to raise awareness of the date.

"It is really worrying that there is still a huge amount of people out there who aren't keeping on top of their bookkeeping so as to get information over to their accountant on time," said KashFlow managing director Duane Jackson.

HMRC has used a series of adverts starring broadcaster and historian Adam Hart-Davis to publicise the deadline for self-assessment tax returns, as well as a giant inflatable calendar placed in city centres.

TaxAssist Accountants focus their accountancy and tax skills specifically on small businesses and taxpayers in the UK.