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South West businesses should complete tax returns to avoid 'hefty fines', warns specialist

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Written by: Hannah Baker | Posted 08 January 2018 7:47

South West businesses should complete tax returns to avoid 'hefty fines', warns specialist

Small businesses in the South West are being urged by a tax specialist not to miss the January 31 deadline to complete their online tax returns or they could face “hefty fines”.

Claire Woodman, who runs TaxAssist Accountants in Kingswood in Bristol, said: "January can be one of the busiest periods for businesses, particularly in the leisure and retail industries, so we’re urging local employers not to get distracted and miss the January 31 deadline for filing their online tax returns.

Some 840,000 UK businesses missed the cut-off last year, netting HMRC £84 million in fines. Even if they were only one day late filing their return online, and did not owe any tax, an immediate £100 penalty applied.

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She added: “The government says it plans to change to a driving licence-style points system for late filing of tax returns but currently, in addition to the immediate fine, the figure will spiral depending on how late the payment is and could reach as much as £1,600.

“There are enough calls on local business owners’ hard-earned cash without facing penalties for missed tax return deadlines.

“We’re urging them to make one of their New Year’s resolutions to tick off their tax return and avoid hefty fines.”

 

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