With around 750,000 UK small business owners missing the January 31 tax deadline, Leighton firms are being urged to file quickly to avoid further fines.
Dave Masterson who runs TaxAssist Accountants in Leighton Buzzard and Dunstable said: “Businesses and individuals who are yet to submit their tax returns need to act fast. HMRC will now have issued them with a £100 penalty, claiming approximately £73m of small business owners’ hard earned income, but this is just the tip of the iceberg.”
HMRC adds on a late payment penalty of five per cent of any tax outstanding after 30 days – and the rate of late payment penalties grows if the tax gets over six months old.
Mr Masterson added: “In some circumstances, such as serious family illness or bereavement, HMRC may waive penalties but most other reasons for late filing can be difficult to justify.
“We have helped many businesses and individuals by completing the appeals process for them.
“HMRC has really clamped down on late returns, last year issuing an estimated £1billion in late filing penalties. Whilst we are urging people not to delay in filing, first make absolutely sure you haven’t been issued a tax return in error; for instance your business may have ceased trading and HMRC may not have the changes on record.”