As tax deadline looms, don’t let it give you a fright, warns Roger!

Small businesses across Llanelli who file their tax returns on paper are being urged to avoid an extra fright this Halloween, by ensuring they meet HMRC’s October 31st deadline.

Roger, our Tax expert who runs TaxAssist Accountants in Llanelli said that although the deadline for online tax returns is not until 31st January, many small businesses still file their tax returns on paper and that earlier deadline is looming.

“The quicker you file the better; you may be owed a tax refund, so the sooner a return is filed, the quicker you could have that money in your bank account rather than the tax man’s.

“Also individuals and small businesses across Llanelli that need to file self-assessment tax returns, could be in for a doubly scary shock if they miss the All Hallows’ Eve deadline. There is an initial £100 fixed penalty, even if there is no tax to pay and the tax due is paid on time. After three months, additional £10 a day charges apply and the penalties just keep rising.

“Even if you post your paper return just prior to the deadline date, you might still face the £100 fine, as the documents could arrive late at HMRC. Try to get proof of posting the return to cover yourself. If you do miss the deadline, of course all is not lost, as you still have the option of online filing which must be completed by the 31st January.”

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