Make early New Year's resolution to avoid hefty fines, warns local tax specialist

0
565

Make early New Year’s resolution to avoid hefty fines, warns local tax specialist

Small businesses across South Wales should make an early New Year’s resolution to complete their self assessment tax returns now and avoid hefty fines, a local tax specialist has warned.

Roger Bowen who runs TaxAssist Accountants in Llanelli said: “Local businesses must submit their tax returns by January 31st or face a fixed penalty of £100, even if they have no tax to pay or have paid the tax they owe.

“If they’re three months late, an additional £10 a day penalty will apply, up to a maximum of £900. After six months, a further £300 or 5% of the tax due will be imposed, whichever is the higher figure. After 12 months a further £300 or 5% penalty applies and in very serious cases, this could even be 100% of the tax. Missing the deadline means you needlessly lose a significant amount of your hard-earned income to the taxman.

“Christmas and New Year can be a hectic time for small businesses in Llanelli, particularly those involved in the leisure or tourism sectors, or retailers, for whom Christmas gift buying and New Year sales can be one of their busiest periods. We’re urging local businesses to start tackling the returns now and enjoy peace of mind over the festive break.”

TaxAssist Accountants Llanelli is a local business, operating across Carmarthen, Llanelli and Swansea, providing tax and accountancy advice and services purely to small businesses.

Help keep news FREE for our readers

Supporting your local community newspaper/online news outlet is crucial now more than ever. If you believe in independent journalism, then consider making a valuable contribution by making a one-time or monthly donation. We operate in rural areas where providing unbiased news can be challenging. Read More About Supporting The West Wales Chronicle