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.
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.