File your return now to avoid hefty fines, warns local tax specialist January 11th, 2017 COMMUNITY CONTRIBUTOR Latest News Shares Comments File your return now to avoid hefty fines, warns local tax specialist Small businesses are being reminded they need to complete their online tax returns well before the 31st January deadline, rather than risk being landed with hefty fines. With January often being one of the busiest periods for businesses, particularly in the leisure and retail industries, local tax specialist Andrew Geddes, is urging bosses not to get distracted and miss the deadline, risking penalties from HM Revenue & Customs (HMRC). Andrew Geddes, who owns TaxAssist Accountants in Southport, said: “The 31st January tax deadline still sneaks up on many small businesses, resulting in nearly a million UK taxpayers receiving immediate £100 penalties for missing the deadline each year. “This penalty applies even if they have no tax to pay, or have, in fact, already paid the tax they owe. 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. “The future of tax collection, including replacing the annual tax return with quarterly reporting and a new points-based penalty system, are still being debated, but in the meantime we’re urging the local business community not to leave it too late.” Submit News Contact us with your community, business or sport news. Phone 07581350321 Email email@example.com Facebook https://www.facebook.com/Otsnews-Southport-1575528676012039/ Twitter www.twitter.com/onthespot_news Breaking local news as it happens, searchable archives with photographs, the ability to instantly comment on news articles – there are so many advantages to OTS (Onthespot) News. If you want your news read locally online then send it to firstname.lastname@example.org – relying only on the newspaper is to restrict yourself to an ever reducing audience. Related Comments comments!