The third Monday in January – January 18 this year – has become known as Blue Monday, supposedly the most depressing day of the year.
Andrew Thornton who runs TaxAssist Accountants in Otley, said: “We’re urging local business owners who are yet to submit their online tax returns, to act fast and not let worries about missing the end of the month deadline add to ‘Blue Monday’ woes.
“They must file their tax returns online by January 31st or face an immediate £100 penalty from HMRC, whether or not they owe any tax. Returns which are three months late face an additional £10 a day penalty up to a maximum of £900 and even harsher penalties are applied if the delay is over six months.
“Last year an estimated 870,000 UK taxpayers received £100 penalties for missing the tax return deadline and we want to make sure that local small businesses are not part of that number this year. “
TaxAssist Accountants Otley is a local business, operating across Otley, Guiseley and North Leeds, providing tax and accountancy advice and services purely to small businesses.