Firms advised to sign up for tax tip scheme
SMALL businesses in Halton are being urged to sign up to an easyto-use forum and receive top tax tips.
Her Majesty’s Revenue And Customs’ (HMRC) Small Business Online Forum is available for firms across Runcorn and Widnes.
Q&A help sessions are being held over the internet throughout January on how to file, pay taxes for the first time and use HMRC’s digital services.
The sessions are aimed at new enterprises and start-ups but any self-employed individual or new business can sign up to the forum, which launched in August.
HMRC specialists will answer questions between 1pm and 2pm on Friday, January 12, Thursday, January 18, and Friday, January 26.
Midnight on Wednesday, January 31 is the deadline for Self Assessment returns to be filed online with HMRC and for any payments to be made for the 2016-17 tax year.
HMRC’s customer services director general Angela MacDonald said: “The Small Business Online Forum is a vital tool full of great advice and handy hints to make life a little easier for those starting up in business.
“All small firms should take advantage of the Q&A sessions, especially with the Self Assessment deadline approaching at the end of January.”
Businesses seeking Self Assess● ment advice can also access HMRC’s YouTube videos and webinars through the forum.
BIS Population Estimates 2016 show that there are 521,795 small businesses in the North West.
Firms can also share their experiences and knowledge on the forum by signing up with an email address, password and creating a username.
Penalties for late tax returns include an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time.
After three months, additional daily penalties of £10 per day apply for up to a maximum of £900.
Following six months, a further penalty of 5% of the tax due or £300, whichever is greater, is demanded.
After a year, another 5% or £300 charge, whichever is greater, is also sought.