Pictured above: Nigel Lomax
Small businesses across Shropshire should make tracks to
complete their self assessment tax returns now and avoid hefty
fines, a local tax specialist has warned.
Nigel Lomax who runs TaxAssist Accountants in Shrewsbury said
that though the official deadline for payment had passed, owner
managers don't want to end up paying additional unnecessary
penalties.
"The start of the year can be a hectic time for small businesses
and before you know it, you've missed the deadline. Unfortunately
HM Revenue & Customs will levy an automatic penalty of up to
£100, but if by the end of February you still haven't paid
your tax bill, you may face a 5% surcharge added to your bill.
If after six months you have still not paid, another 5% may
be added on top of the amount you still owe. Whilst all the
time the tax remains overdue, interest will be accruing on a daily
basis (currently charged at 3%).
So, unless you want to needlessly lose a significant amount of
your hard-earned income to the taxman, the advice is to keep on top
of your tax return and payment deadlines. This will become even
more important next year, as both surcharges and penalties are set
to rise from January 2012, applying to 2011 returns."
The self assessment payment deadline is the same whether you
file on paper or online, said Nigel. "Local businesses should have
received a self assessment statement of tax owed, but if they
haven't they would need to work out tax due themselves or with
their advisers, or by registering with self assessment online".
TaxAssist Accountants Shrewsbury is a local business itself,
providing tax and accountancy advice and services to more than 400
small businesses.