Accountants Offer Warning

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A Hayle based accountancy firm fears Cornish businesses may be open to fines due to the deadline for self-assessment paper tax returns being brought forward by three months.

Koreen Twydell and Yvonne Frost, business partners of Fresh Approach
Koreen Twydell and Yvonne Frost, business partners of Fresh Approach

Fresh Approach Accountancy is concerned that local firms may be unaware of the change of the traditional date of January 31 2009 to October 31 2008.

Failure to submit a paper return to the HM Revenue and Customs by the end of October 2008 could mean a fine of £100.

Koreen Twydell, a partner of Fresh Approach, said: “It’s important people are aware of this date change, if they don’t file their paper return until January it is very likely that they will be penalised.”

In the case of partnerships with two partners the fine could be £300.

“Tax return forms can be very time consuming to complete, so it is essential that people start thinking about them now and get their records in order,” added Yvonne Frost, Koreen’s business partner.

Although online returns can still be filed up until January 31 2009, it does take time for people to register with HMRC to enable them to file an online tax return.

For further information, or for help completing your tax return, please call Fresh Approach on 01736 758 344 or visit www.freshapproachaccountancy.co.uk

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