Businesses across Lincolnshire are urged to remember the deadline date of October 31 for paper tax returns before incurring hefty fines.
With one in seven people across the country being self-employed, Lincoln-based Streets Chartered Accountants are reminding business of the penalties and additional attention that could be incurred if deadlines are missed.
Mark Poplett, Tax Adviser for Streets Chartered Accountants, said: “There are two deadlines for submitting tax returns.
“The first is on October 31 if you are submitting your return on paper. The second is January 31 for returns submitted online.
“If you fail to submit your tax return by the relevant date there is an automatic £100 penalty. Further penalties apply if the return remains outstanding after three months, six months and 12 months.
“In addition to the financial penalties, late submission of a tax return is known to increase the chances of an enquiry from HMRC and may invalidate any insurance taken out to cover the costs of such an enquiry.”