A KEIGHLEY accountant is urging small businesses not to miss this month's tax return deadline.
Dave Forrester, who runs TaxAssist Accountants, said bosses who miss the October 31 cut-off point for filing paper self-assessment tax returns will face a £100 penalty and the threat of increased fines.
He added: "After the initial fine, penalties spiral in line with how late the tax returns are and after a 12-month delay hit a minimum of £1,600.
"In some cases business owners might be due a tax refund, so the sooner they file, the sooner that money can be working for them in their bank account."
Tax returns can be filed online until January 31.
Mr Forrester says that in the future, HMRC might be moving towards a points-based penalty regime, but the proposal is currently only at the consultation stage.
"The old rules currently still apply and we don't want any local businesses to get caught out," he added.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here