Tax return deadline looms for small businesses

Small business owners and managers in Northern Ireland need to take note of the 31st January deadline for the submission of online tax returns.

Failure to submit the self assessment tax returns before the deadline will result in a £100 penalty, regardless of whether or not tax is payable. If returns are over 3 months late a £10 per day penalty will be imposed up to a total of £900.

It is worth noting that submitting your tax returns early does not mean you will have to pay your tax earlier, but if you are due a tax refund this is likely to be paid by the HMRC sooner as a result.

If you run or own a business in Northern Ireland and require legal advice from a solicitor specialising in company commercial law, contact Wilson Nesbitt in Belfast by calling 0800 840 9295.

Or to read more information on company law in Northern Ireland click here.