Small business owners across Llanelli are being warned to keep on top of tax returns, or risk significant penalties under tough new HMRC rules. From 1st May new rules will see late self-assessment tax payers face daily fines of £10, up to a maximum of £900 over three months.
An estimated 650,000 to 850,000 self-assessment taxpayers are yet to file their annual tax returns for the 2011-12 financial year, meaning they will already have accrued a £100 penalty. Taxpayers who allow the filing delay to extend beyond six months will then be handed a further £300 fine or 5% of the tax due, whichever figure is higher.
Roger (who runs TaxAssist Accountants Llanelli) said, “These latest fines come on the back of a series of tough new campaigns from HMRC. We are urging all small businesses and sole traders to make their accounts top priority. Snowballing fines can be deadly for a small business, so balancing the books can make all the difference.”
TaxAssist Accountants Llanelli is a local business, operating across Carmarthen, Llanelli and Swansea, providing tax and accountancy advice and services purely to small businesses.
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