Self-employed urged not to make business too taxing
23 January 2013
Self-employed people across the Yorkshire are being urged to get in touch with HMRC this weekend or risk a £100 fine.
Business advisory firm Deloitte is warning that although the final deadline for self-assessment isn’t until the end of the month, applying for an online activation code to register with HMRC could take up to 10 days.
With almost 300,000 working for themselves in Yorkshire, many for the first time, some individuals will be caught out by the extra time needed to register for online filing.
And rules introduced last year mean that late returns could leave individuals liable to a £100 penalty, even if they have no tax to pay or are owed tax. Interest charges will apply immediately, with further penalties at three, six and 12 months.
Stuart Cottee, head of tax at Deloitte in Yorkshire said: “For many people the January 31 self-assessment deadline will be their first experience of a process that requires attention-to-detail and where simple errors can lead to significant penalties.
“Entrepreneurs tackle many more challenging issues than their tax returns but anyone completing their self-assessment should make sure they leave enough time. This is the major interaction people with have with the revenue and it is important not to cut corners.”
Deloitte advise that self-employed people preparing to complete their tax returns need to have their business accounts, along with receipts and invoices relating to their business.
They will also need other documents such as P60 or P45 forms if they’ve been employed in the last year, bank and building society interest details and any dividends they’ve receive.
Note to editors:
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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