Small businesses across Yorkshire are being urged to complete their self assessment tax returns early and not join the thousands who file their online returns over the Christmas break.
David Underwood who owns TaxAssist Accountants in Harrogate said: “More than 24,000 business owners filed their tax returns over the festive break last year – nearly 2,000 of them on Christmas Day.
To coin a phrase from a popular 80s TV series*, we’re saying ‘why don’t you’ … switch on to early tax returns and do something less boring instead!
“Whether it’s catching the new Star Wars film, curling up with a good book or building a snowman, you’ve worked hard all year and deserve a break.
“For many local businesses of course, particularly independent retailers, Christmas is one of their busiest periods, so they’ll be working right across the holiday break. For others, it might be the only time they feel they can take time out from doing the day job to tackle the paperwork.
“But we’re urging all local business owners to consider the benefits of filing their online tax returns earlier, in order to avoid the Christmas rush.
Filing early doesn’t mean you have to pay any tax due early, but if you are due a refund, HMRC will return this to you sooner. Make sure it’s you that earns the interest on any tax refunds, not the taxman.
“All online tax returns must be submitted by January 31 or an immediate penalty of £100 is imposed, even if you have no tax to pay or have paid the tax you owe.
Returns which are three months late face an additional £10 a day penalty up to a maximum of £900 and even harsher penalties apply if you file more than six months late.”
*The BBC children’s TV series “Why Don’t You Just Switch Off Your Television Set And Go Out And Do Something Less Boring Instead” ran from 1973 to 1995.
TaxAssist Accountants Harrogate is a local business, operating across Harrogate, Knaresborough and Ripon, providing tax and accountancy advice and services purely to small businesses.