As an individual who runs their own business, I am sure you will be aware that the deadline to file personal tax returns online is 31 January. If this is filed late, there will be an initial fixed penalty of £100 for the first three months. This increases thereafter until your tax return has been filed. This is regardless of whether you owe tax or not. In addition to this, if you do owe tax, which should be paid on 31 January, then you will incur interest on late payment of tax.
To avoid paying interest and penalties you need a plan. Here’s a simple one. Take your calendar and mark out key dates, the first date for when you need to collect all your paperwork together, and a second date for when you need to hand your papers over to your accountant. Speak to your accountants to get these dates from them.
Sonal Thakkar – Audit Team
Westbury Accountants and Business Advisors is an accountancy practice based in London. Westbury have been providing Accounting and Tax solutions to small and medium sized businesses since 1936. Talk to the team at Westbury on 0207 253 7272 or visit http://www.westbury.co.uk.