SMEs need to remember to fill out tax returns
Jan 16 2008
Her Majesty's Revenue & Customs (HMRC) has called for SME owners to remember to they meet the deadline at the end of this month for Self Assessment tax returns.
HMRC says that most applicable candidates for the process who need to meet the deadline on January 31st will have received their return forms last April.
A spokesperson for HMRC says: 'If you've got a new business and you haven't told us about it within three months then a separate £100 penalty could apply, because you haven't followed the registration process.'
The January deadline applies to people who are already in the system, which will be mainly those who have received a source of income where tax is not deducted at source.
This includes 'the self employed, landlords, company directors, and people with generally more complicated tax affairs', he adds.
According to HMRC, more than nine million Self Assessment tax returns have been issued by HMRC.
However, last year around one in ten people failed to send in their return by the deadline.
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