Taxing times ....

UK small business owners could lose £40 million on 1 February by failing to complete their tax returns on time (31 January deadline) says APA. The warning comes as businesses many are struggling ahead of the final deadline for submitting tax returns.

A recent survey of 500 small businesses found that one in ten business owners admitted to missing tax return deadlines. With 4.5 million small businesses in the UK this means that 450,000 small business owners are likely to miss their tax return deadline at the end of this month and incur a fine starting £100 for being just one day late and escalating as the lateness grows.

Gareth Osborne says, ‘I find it truly astonishing that in today’s tough climate so many people still miss the deadline. As a former small businesses owner myself, I understand the pressures faced, yet adding another financial burden by missing a deadline and incurring a penalty is just crazy and it really isn’t that difficult; any half decent business owner should be able to do it themselves or, if all else fails, engage their accountant.'

And remember the US maxim, ‘If the bullet don’t get ya, the taxman will!’ or in our case … HMRC.

APA