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Businesses warned about self-assessment tax returns

Businesses are being warned about new penalties for late submission of self-assessment tax returns, which could prove expensive.

KPMG are advising businesses to adhere to the January 31 deadline, highlighting the need to register to file online in time.

Dermot Callinan, KPMG’s Northern based UK head of private client advisory, said: “Even those who have no tax to pay will face fines of at least £100 for being just one day late.

“This could increase to £1,000 if returns are not submitted by the end of July 2012.

“The deadline for submitting self assessment tax returns is fast approaching. The paper deadline of October 2011 has past so they must be filed online to avoid the £100 late filing penalty.”

Given this is the first year of the new process, Mr Callinan said he expected some people to be caught out.

He highlighted that it takes up to 10 days to register for self assessment online, and encouraged businesses to do so as soon as possible.

This was posted in Bdaily's Members' News section by Tom Keighley .