Tax warning for small businesses

Small businesses across the district should make a New Year’s resolution to complete their self-assessment tax returns now and avoid hefty fines, a local tax specialist has warned.

John Robinson, who runs TaxAssist Accountants in Harrogate, said that although the official deadline for payment – whether returns are filed online or on paper – is not until January 31, many owner-managers get caught up in the seasonal rush and end up paying the penalties.

HM Revenue & Customs levy an automatic penalty of up to £100 on late tax returns.