Small business owner? Don't forget tax/VAT returns

As a small business owner, you typically handle all aspects of your business, from back-end to front-end tasks and everything in between.

There are so many dates and tasks to remember. Two very important dates are your tax and VAT returns. Under HMRC's usual rules, if you miss the 31 January deadline you'll be charged £100 – even if there's no tax to pay.

Further penalties of £10 a day are applied after three months, up to a maximum of £900. After six months, you'll also be charged 5% of the tax owed or £300 (whichever is greater), and this happens again after 12 months. Self Assessment tax returns: Penalties - GOV.UK (www.gov.uk)

Penalties also occur for late VAT returns. Self Assessment tax returns: Penalties - GOV.UK (www.gov.uk)

Forgetting important dates can be both easy and costly.

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