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.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy