SMALL businesses in Portsmouth should complete their self-assessment tax returns now and avoid hefty fines, a local tax specialist has warned.
James Self, who runs TaxAssist Accountants in Portsmouth, said: ‘Local businesses must submit their tax returns by January 31 or face a fixed penalty of £100, even if they have no tax to pay or have paid the tax they owe.
‘In previous years this has not been the case as penalties issued to those with no tax to pay or a refund have been cancelled.
‘Christmas and New Year can be a hectic time for Portsmouth small businesses, particularly those involved in the leisure or tourism sectors, or retailers, for whom Christmas 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.’