Small businesses are being urged not to miss the 31st January deadline to file their online tax returns, or they may face hefty fines.
Jo Nockels FCCA, Senior Training and Communications Manager, at TaxAssist Accountants, said: "January can be one of the busiest periods for businesses, so we’re urging business owners not to get distracted and miss the 31st January deadline for filing their online tax returns.
“Some 840,000 UK businesses missed the deadline on 31st January last year, netting HM Revenue & Customs £84 million in fines. Even if they were only one day late filing their tax return online and even if they did not owe any tax, an immediate £100 penalty applied.
And if you think completing your tax return is a chore, you are not alone. New research from Which? has revealed that 41% of the 4,000 people it surveyed about their UK’s tax return habits would rather visit their dentist or unblock a drain than complete their tax return.
“Not completing your tax return before the deadline could end up being more painful than having a tooth pulled out as in addition to an immediate fine, the penalties will spiral, depending on how late the payment is, and could reach as much as £1,600,” added Jo.
“There are enough calls on business owners’ hard-earned cash, without facing penalties for missed tax return deadlines.”