Tax penalty caution as HMRC deadline looms (From Kidderminster Shuttle)

Tax penalty caution as HMRC deadline looms

8:20am Saturday 5th January 2013 in Local

SOLE traders and partnerships in Wyre Forest have been warned they will face a new penalty system if they fail to meet a tax returns deadline.

The warning comes from tax accountant Anita Stewart who is concerned thousands of small businesses across the district face paying inflated fines for filing their online self-assessment tax returns after the January 31 cut-off.

Under the HM Revenue and Customs penalty system, people who file their tax return after the January deadline will now face an automatic £100 fine.

Mrs Stewart, partner at Bewdley-based DHJH Chartered Accountants, said: “The January 31 HRMC deadline is approaching ever closer so with the festive period now at an end it’s vital, especially for small businesses, to set time aside in the days and weeks ahead to understand and untangle their paperwork.”