smallbusiness.co.uk: Helping your business think big

With less than a month until the self-assessment deadline, HM Revenue & Customs (HMRC) is reminding all business owners to file their tax returns before 31 January, and avoid a £100 penalty.

Anyone who hasn't filed their return can do so online. There is still time to register, but you need to act now by going to www.hmrc.gov.uk and selecting 'Self-Assessment' from the 'do it online' menu.

‘We'd like everyone to make it their New Year resolution to get their returns in on time and online,’ says Mike Shipp, HMRC's director of self-assessment.

‘Filing online is easy, secure and convenient,' he continues, 'and calculations are done for you automatically. When you file online you get an immediate acknowledgement and, if we owe you money, a faster repayment than if your return is sent on paper.’

If you need help with your return, you can visit www.hmrc.gov.uk/sa or call the self-assessment helpline on 0845 900 0444, open seven days a week between 8.00am and 8.00pm.

The final deadline for completing and filing your self-assessment tax return and paying any money owed is 31 January. If you miss this deadline you will receive an automatic £100 penalty for late filing and will be charged interest on any money that is paid late.

You may also face a surcharge of five per cent on any amounts still outstanding after 28 days, with persistent non-filers facing daily penalties of up to £60 per day.

There are currently no comments on this article