Small businesses 'missing tax return deadline'

Date: 31st January 2008

A number of small businesses look set to miss the midnight deadline for filing their self assessment tax returns, according to reports.

Trevor Hayman, an associate tax director at Smith & Williamson's Southampton branch, told the Southern Daily Echo that there are "thousands" who are set to miss the midnight deadline.

Mr Hayman added that some £8 million is estimated to be spent on fines by new businesses missing tax return deadlines.

"Nationally, it is thought two million taxpayers have dragged their heels. This is one task that must go straight to the top of the do-list," the associate tax director told the newspaper.

A £100 fine will be issued to firms that miss the self assessment deadline imposed by HM Revenue & Customs (HMRC), which passes at midnight tonight.

HMRC was established following the combination of Inland Revenue and HM Customs and Excise in April 2005, according to the department's website.