Small businesses are being urged not to miss the 31st January deadline to file their online tax returns, or they may face hefty fines.

Small businesses are being urged not to miss the 31st January deadline to file their online tax returns, or they may face hefty fines.

If you think completing your tax return is a chore, you are not alone. New research from Which? has revealed that 41% of the 4,000 people it surveyed about their UK’s tax return habits would rather visit their dentist or unblock a drain than complete their tax return.

Some 840,000 UK businesses missed the deadline on 31st January last year, netting HM Revenue & Customs £84 million in fines. Even if they were only one day late filing their tax return online and even if they did not owe any tax, an immediate £100 penalty applied.

Hanna, at Penny Lane Accountants, advises: “January can be one of the busiest periods for businesses, so we’re urging business owners not to get distracted and miss the 31st January deadline for filing their online tax returns.  Not completing your tax return before the deadline could cost as much as £1,600 as the penalties will spiral, depending on how late the payment is.  It’s hard enough running a small business without facing penalties for missed tax return deadlines.”