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Parker Stag Ltd


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resolution to avoid hefty fi nes warns local tax specialist


S


mall businesses across Teesside and County Durham should make an


or face a fi xed penalty of £100, even if they have no tax to pay or have paid the tax they owe.


early New Year’s resolution to complete their self assessment tax returns now and avoid hefty fi nes, a local tax specialist has warned. Mike Turnbull who runs TaxAssist Accountants in Stockton-on-Tees , Redcar and Darlington said: “Local businesses must submit their tax returns by January 31st


“If they’re three months late, an additional £10 a day penalty will apply, up to a maximum of £900. After six months, a further £300 or 5% of the tax due will be imposed, whichever is the higher fi gure. After 12 months a further £300 or 5%


TaxAssist at Parker Stag Redcar


penalty applies and in very serious cases, this could even be 100% of the tax. Missing the deadline means you needlessly lose a signifi cant amount of your hard-earned income to the taxman. “Christmas and New Year can be a hectic time for Stockton-on-Tees, Redcar and Darlington small businesses, particularly those involved in the leisure or tourism sectors, or retailers, for whom Christmas gift buying and New Year sales can be one of their busiest periods. We’re urging local businesses to start tackling the returns now and enjoy peace of mind over the festive break.” TaxAssist Accountants Stockton-on-Tees, Redcar and Darlington are local businesses, providing tax and accountancy advice and services purely to small businesses.


Make early New Year’s


• Business Accounts and Taxation. • Sole Trader Accounts • Partnership Accounts • Limited Company Accounts • Self Assessment • Bookkeeping and Vat Returns • Payroll Services • CIS Contractors and Taxation • Company Secretarial • Business Plans • Free Initial Consultations • Home Visits available


TaxAssist Accountants c/o Parker Stag 6 Craigton House Queen Street Redcar TS10 1DL


Tel: 01642 488588 Mobile 07905497905 Email: michaelturnbull@taxassist.co.uk


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