BUSINESSES should make an early New Year’s resolution to avoid hefty fines, said a local tax specialist.
Small firms across Kirklees should ensure they complete their self assessment tax returns now, said Nick Brook, who runs Lockwood-based TaxAssist Accountants.
He said: “Local businesses must submit their tax returns by January 31 or face a fixed penalty of £100 – even if they have no tax to pay or have paid the tax they owe.
“If they’re three months late, an additional £10 a day penalty will apply, up to a maximum of £900.
After six months, a further £300 or 5% of the tax due will be imposed, whichever is the higher figure. After 12 months a further £300 or 5% penalty applies and in very serious cases, this could even be 100% of the tax.
“Missing the deadline means you needlessly lose a significant amount of your hard-earned income to the taxman.”
Mr Brook, whose business is based at Lockwood Road, said: “Christmas and New Year can be a hectic time for small businesses in the district, but we’re urging local businesses to start tackling the returns now and enjoy peace of mind.”
