Tax warning for companies

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Local small businesses are being urged not to miss the January 31 deadline to complete their online tax returns, or they could face hefty fines.

Hannah Campbell, partner at TaxAssist Accountants in Dalkeith and Fairmilehead, said: “January can be one of the busiest periods for businesses so we’re urging local employers not to get distracted and miss the deadline.

“Some 840,000 UK businesses missed the deadline last year, netting HMRC £84 million in fines. Even if they were only one day late filing their tax return online an immediate £100 penalty applied. The Government has said it plans to change to a driving licence-style points system for late filing of tax returns, but currently, in addition to the immediate fine, the figure could reach as much as £1,600.

“There are enough calls on local business owners’ hard-earned cash, without facing penalties for missed tax return deadlines.

“We’re urging them to make one of their New Year’s resolutions to tick off their tax return and avoid hefty fines.”