Starting up and running your own business is hugely rewarding, but also demanding and time-consuming. Entrepreneurs need all the time they can get in order to get their business up and running quickly and efficiently – and many understandably do not have the time to be filing tax returns or chasing difficult deadlines set by HM Revenue & Customs (HMRC).
A new study has found that almost a quarter (24 per cent) of small and micro-business owners have previously missed the 31 January online tax return deadline on at least one occasion – and have been hit with hefty fines from HMRC as a direct result.
Worse still, a further 31 per cent of entrepreneurs added that they did not know how to correctly complete a tax return, while 27 per cent said that they were not even aware that they were expected to file one.
According to reports, the Revenue dished out £87million worth of fines and fixed penalty notices to late-payers on 1 February 2016 alone.
The news highlights the importance of seeking specialist advice from tax experts such as Wilson Wright.
Our start-up specialists can assist you with all tax-related matters and ultimately help you to get ahead in the business world. While offering ongoing tax advice, our team can also advise you on managing your spending and day-to-day costs, and help you to implement tax-efficient business structures for the future and find your feet on the path to success.
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