A survey has revealed the shocking fact that businesses within the transport infrastructure of the country have felt that they did not meet the dates that they were due to reveal their tax returning rates. This is considerable higher than the country’s overall total of 24 per cent of individuals who fail to send in their tax figures by the ordered deadline, showing that business owners in that area should work to be more organized in the future in this particular area.
This information, gathered and displayed by the online business site Informi, ought to be of concern to business owners since it is well known that Her Majesty’s Revenue and Customs impose fines on those who fail to send their information in on time. The average itself shows that these businesses can lose up to 300 pounds for simply leaving it too late to send in their details for tax for the 31st January of each year. Whilst 14 per cent of the entrepreneurs investigated held the blame solely on independent accountants or individuals responsible for releasing their figures to the HMRC, the same number of those felt personally responsible for leaving it so late.
These intimated however that this was due to the forms’ complexity and their inability to provide the right and necessary details, whilst a staggering 71 per cent declared that they had no idea that one had to be filled out by them in the first place. It is clear that this supposed lack of knowledge and awareness of the tax deadlines in this country need to be rectified so that minor businesses do not keep receiving fines for their inability to complete the forms by the date that they are due. Because such fines are automatic, our country’s governing body accrued almost 87 million pounds last February solely from businesses failing to meet the 31st January deadline. The fact that this 100 pound fine increases by 10 pounds every 24 hours once 3 months have passed means that businesses ought to be particularly vigilant and return their taxes on time.