Businesses must meet tax deadline

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With January 31st approaching, HM Revenue & Customs (HMRC) has reminded businesses of the need to complete their tax returns.

The date marks the deadline for self-assessment forms to be returned to the government body.

But a spokesperson for HMRC stresses that it is unwise to wait until the day itself to begin thinking about filling in a tax return.

"If youre leaving it until January 31st, you have to do the calculation yourself," she observes.

A further delay could be introduced should a firm find it has not already registered for the process with HMRC.

"You cant just send a tax return out of the blue and not have had any previous history with us," the spokesperson warns.

This could impact on anyone who has a new source of income not included on previous tax returns.

But she adds an extra note of caution that anyone in such a position should notify HMRC within three months to avoid incurring an extra £100 penalty.

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