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Reminder for firms to file self assessments
8:00am Friday 4th January 2013 in Keighley
A local tax specialist has advised Keighley’s small businesses to file their self assessment tax returns early to avoid costly disappointment.
Dave Forrester, who runs TaxAssist Accountants in North Street, said businesses needed to submit their returns by January 31 or face a fixed penalty of £100. The penalty is imposed even in cases where they have no tax to pay, or have already paid the tax they owe.
Mr Forrester said: “Filing early doesn’t mean businesses have to pay any tax due early, but if they are due a refund Her Majesty’s Revenue and Customs does not wait until January 31 to pay up. So businesses should make sure it is they who earn the interest on any tax refunds, not HMRC.”