Three million people have yet to complete their tax returns ... with the deadline just over a week away.
With January 31 deadline looming, TaxAssist Accountants in Huddersfield is warning local small businesses to act now to complete their 2016 to 2017 returns or face hefty fines.
“There are enough calls on local business owners’ hard-earned cash without facing penalties for missed tax return deadlines,” said Jo Nockels from TaxAssist Accountants. “Even if they were only one day late filing their tax return online, an immediate £100 penalty applies. If you’re concerned you can’t afford your tax bill, it’s best to file your return on time, otherwise, you could be facing late filing and late payment penalties.
“The Government has said 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 more than £1,600.”