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Taxing times for late payers

Jan 22 2008 by Iain Laing, The Journal

NEARLY half of business start-ups could be heading for tax fines if they don’t meet their January 31 tax deadlines.

Around 47% of new firms do not pay their VAT or PAYE contributions on time and as a result £8.6m is paid in penalties by small businesses every year, according to the National Audit Office.

David Slane, Barclays local business regional director in Tyneside, said: “That is £8.6m that could be spent on marketing, hiring staff or expanding a business, instead of going to the tax man.”

January 31, 2008, marks the deadline for unincorporated businesses to pay any owed income tax for 2006/07. Businesses that fail to do so are liable for an automatic £100 fine.

Mr Slane said: “We offer a bespoke savings account designed for tax saving or a loan that could help spread the payments over 12 months.”

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