At last the tax return deadline passes for another year. Sadly we are again seeing reports of an estimated £8 million to be spent by small businesses on fines for late tax returns. The Inland Revenue (HM Revenue & Customs) have worked hard this year to inform businesses of the deadline with TV advertising (starring historian and presenter Adam Hart-Davis) and inflatable giant calendars which simply read '31 Jan' - in nine cities around the UK.

More breaking news has seen HMRC extend the filing deadline by 24 hours to file tax returns as their systems failed just before the annual deadline expired. The government have decided to review their spend on IT amidst the recent disasters. Although this system failed on the last day, online tax return filing is at an all time high of 3.6 million up 700,000 from last year and it is expected 4 million users will have filed their returns by the end of the extended deadline.

You may have an ambitious business plan as you look to start your new venture or grow your business. However, unless you plan and can anticipate your cashflow, you will have real problems.

This will be even more significant in the early days of your business, but will also hamper future growth and can impact on day to day trading even when your business is more established... read more

DISCLAIMER - PLEASE NOTE: The ideas shared with you in these articles are intended to inform rather than advise. Taxpayers circumstances do vary and if you feel that tax strategies we have outlined may be beneficial it is important that you contact us before implementation. If you do or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

TaxAssist Accountants
Telephone: 0800 0523 555
Web: www.taxassist.co.uk

TaxAssist Direct Ltd is registered in England and Wales, Company Number 3125864, VAT reference 665772201.