The Federation of Small Businesses has called for leniency regarding small businesses and the submission of late tax returns, believing that allowing two days after the deadline of 31st October is fair. The FSB has also pointed out that the fixed penalty of £100 plus any penalties and interest would have much larger consequences for small businesses. The chief spokesman for FSB, Stephen Alambritis urges HM Revenue & Customs to show leniency for businesses who may be late filing their tax return. He said:
“We would urge the Inland Revenue that they are reasonable and proportionate with small businesses that are a day or two late with their returns.”
The number of small businesses in the United Kingdom has risen from four million in 2003 to 4.8 million today. The number of businesses who file a paper tax return is 250,000, although the majority of businesses choose to file online. There are benefits to filing online, such as a later deadline of January, although if you outsource your accounts to a low cost accountant’s you will have your return prepared on time.
Outsourcing to an online accountancy allows you to concentrate on other areas of your business whilst your accountant deals with the preparation of your accounts. A reputable accountant will issue reminders of upcoming deadlines such as the October deadline for paper returns, by issuing a time table of scheduled meetings throughout the year.
An online accountancy solution will give you the freedom of having your accounts prepared for you, reminders of important deadlines and changes in legislation. A low cost accountant’s will also maximise your income legitimately.
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