Submit tax returns early to avoid potential ‘chaos’

As tax workers prepare to vote on whether to take strike action ahead of the self-assessment tax return deadline, the Forum of Private Business (FPB) is advising small business owners to submit their returns in plenty of time.

Following the outcome of a ballot scheduled for 23 January, around 77,000 HM Revenue and Customs (HMRC) officials may walk out in a row over pay, office closures, job cuts and privatisation.

Despite the possible strike and consequential disruption, small enterprises that fail to return their self-assessment forms on time will still incur a £100 fine.

‘Tax returns for self-assessment schemes for the year to 5 April 2007 need to be in by 31 January 2008 in order to avoid penalties,’ said Philip Moody, the FPB’s senior member services representative.

‘We are advising our members to prepare their tax returns as early as possible this year so that, if any difficulties are experienced, there is time to sort them out before the deadline.’

It is estimated that around 150,000 self-assessment returns were received in the 24 hours prior to last year’s deadline, whilst the HMRC website processed around 100 forms every minute.

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