Tina Riches

Remember, Remember 5th OCTOBER: Self-Assessment Deadline Day Draws Near

Remember, Remember 5th OCTOBER: Self-Assessment Deadline Day Draws Near

HM Revenue and Customs (HMRC) has reminded UK small business owners that they must register for self-assessment, by Wednesday 5th October ,in order to receive their tax return. Businesses owners and the self-employed require a tax return to obtain all necessary information to be able to pay their taxes by 31 January. Those who fail to pay in time can be fined upwards of 30% of their due tax, while there is a deadline of 31 October for those who still use paper forms. Self-assessment is the system used by HMRC to collect tax from self-employed people and businesses, or those who have received an income besides their regular salary. Over 10m people filed a self-assessment tax return for 2014/15 with this number expecting to increase. Currently, one in seven people are now self-employed in so... »