Small businesses across South Wales should make tracks to complete their self assessment tax returns now to avoid hefty fines, a local tax specialist has warned.

John Thomas who runs TaxAssist Accountants in Newport said that with the official deadline for payment, 31st January, fast approaching, owner managers don’t want to end up paying unnecessary penalties. He comments: “The start of the year can be a hectic time for small businesses across South Wales. People start making plans to redecorate and make a change, so local traders are in big demand. Before you know it, the deadline for payments and returns is looming. HM Revenue & Customs will levy an automatic penalty of up to £100 if your return is received late”

So, unless you want to needlessly lose a significant amount of your hard-earned income to the taxman, the advice is to keep on top of your tax return and payment deadlines. This will become even more important next year, as both surcharges and penalties are set to rise from January 2012, applying to 2011 returns.”

The self assessment payment deadline is the same whether you file on paper or online, said John. “Local businesses should have received a self assessment statement of tax owed, but if they haven’t they would need to work out tax due themselves or with their advisers, or by registering with self assessment online”.

TaxAssist Accountants Newport is a local business itself, providing tax and accountancy advice and services to small businesses.