Take the strain out of filing your tax returns

Small businesses across Buxton are being urged to file their self assessment tax returns early to avoid costly disappointment.

Terry Strong, who runs TaxAssist Accountants in Buxton, 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.

“Filing early doesn’t mean you have to pay any tax due early, but if you are due a refund, HMRC does not wait until January 31 to pay you.

“So make sure it’s you that earns the interest on any tax refunds, not them.

“We’re urging local businesses to start tackling the returns now.”