A KEIGHLEY accountant is reminding small businesses that they need to complete their online tax returns by January 31.
Dave Forrester, of TaxAssist Accountants, said failure to meet the deadline could result in hefty fines from HMRC.
"The tax deadline still sneaks-up on many small businesses – resulting in nearly a million UK taxpayers receiving immediate £100 penalties each year," he added.
"This penalty applies even if they have no tax to pay, or have in fact already paid the tax they owe. Returns which are three months late face an additional £10 a day penalty up to a maximum of £900 and even harsher penalties are applied if the delay is over six months.
"The future of tax collection, including replacing the annual tax return with quarterly reporting and a new points-based penalty system, are still being debated.
"But in the meantime we're urging the local business community not to leave it too late."
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