Businesses advised to complete their tax returns in good time

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SMALL businesses across Boston should make a New Year’s resolution to complete their self assessment tax returns and avoid hefty fines, a local tax specialist is advising.

Tracie Lee, who runs TaxAssist Accountants in the town, said that although the official deadline for payment is not until January 31, many people get caught up in the festive rush and end up paying unnecessary penalties.

She said: “Before you know it, the January deadline for payments and returns is looming. HM Revenue and Customs will levy an automatic penalty of up to £100 if your return is received late.” She added: “If by the end of February you still haven’t paid your tax bill, you may face a five per cent surcharge added to your bill. If after six months you have still not paid, another five per cent 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.”

The self assessment payment deadline is the same whether you file on paper or online.

l For more information visit www.hmrc.gov.uk.