December 11 2013 Latest news:
Ramzy Alwakeel, Reporter
Friday, October 11, 2013
Small businesses across the borough have until the end of the month to file paper tax returns.
Any firm that doesn’t get their returns to HMRC by October 31 – even if they are posted before that date – is liable to pay an automatic £100 fixed penalty.
After three months, additional £10 a day charges apply.
Companies that choose to file online still have until January 31 to complete the process and are not affected by the October deadline, which applies only to hard copies.
Graham Ash, who runs TaxAssist Accountants in Hornchurch, said: “Individuals and small businesses across Havering that need to file self-assessment tax returns now face the heftiest fines yet if they miss HMRC’s deadline.
“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.”
For more information, visit http://www.hmrc.gov.uk/.