UK Small Firms Urged Not To Panic Over Sept 30 Deadline

by Jason Gorringe, Tax-News.com, London

23 September 2003

With the Inland Revenue's September 30 deadline for self assessment returns fast approaching, tax experts have urged small businesses not to rush their tax return forms, and to avoid making simple but potentially costly errors.

Although the Inland Revenue will not assess taxpayers' returns after the September 30th deadline, accounting firm Grant Thornton is reminding entrepreneurs, sole traders and the self employed that fines will not be imposed if this deadline is missed, and is advising taxpayers to concentrate on gathering the correct information ready for the January 31st 2004 deadline. The firm also points out that the amount of taxes owed can be calculated via the Inland Revenue website after September 30th.

However, fines of £100 may be imposed on taxpayers if they fail to furnish the Revenue with the correct information, or for simple but common errors such as forgetting to sign the return form. "The key thing to remember is to focus on correctly completing the form and ensure that you have the relevant documentation rather than to rush it and learn later that it is riddled with mistakes," Mike Warburton, senior partner at Grant Thornton, told Startups.co.uk, continuing:

"Self-assessment may be an onerous task for millions of people right now, but a little patience, self-discipline and effort should mean that they do not have to panic nor lose sleep when paying what’s due to the taxman." He added that: "The key fact to remember is that people still have until 31 January 2004 to file their tax return so they have not missed the boat and there are no fines for missing the September date."

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