TaxPersonal TaxSMEs face self assessment deadline

SMEs face self assessment deadline

Small businesses must ensure they meet this week's self-assessment tax deadline, which falls on Thursday, or face the prospect of interest charges.

Link: Simpler self-assessment form on the way

The second payment on account for the tax year 2002/03 must be paid by 31 July. Last year around 500,000 small businesses missed this deadline, while 900,000 missed the January deadline.

Another tax payment is also due on this date – taxpayers who are due to make payments for the previous tax year – 2001/2002 – will be hit with a £100 fine and 5% surcharge on any tax still owing after Thursday.

Grant Thornton senior tax partner Mike Warburton said the Revenue was ‘increasingly determined to crackdown on late payments and submissions’.

‘I think we could see even heavier fines in the future,’ he added.

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