You are here: Home - Household Bills - News -

Self-employed need ‘leniency’ on tax deadline

0
Written by:
29/01/2018
The Federation of Small Businesses has asked for lenience, saying that it has been tough for small businesses to meet the compliance deadlines this year.

Last week, HM Revenue & Customs warned that more than three million people had yet to complete their 2016/2017 tax returns. The deadline is 31 January.

The Federation said that small businesses had been hit because they could no longer spread tax payments by paying their bill on a personal credit card. HMRC banned this type of payment earlier in the month because it can no longer pass on bank charges for processing the payments. At the same time, the option to pay self-assessment bills at post offices was also removed.

Mike Cherry, national chairman of the Federation of Small Businesses, told The Times: “Filing a self-assessment tax return has been even more challenging than usual this year. It’s been hurdle after hurdle. Rather than threaten vulnerable small firms with fines, HMRC should be exercising flexibility around Wednesday’s deadline for those affected.”

He said he wanted to see HMRC apply ‘flexibility and a common-sense approach’ to those unable to meet the deadline.

At the same time, a survey by online accounting group Crunch found the self-employed work on average an additional 14 hours per week, compared to those in a permanent role. The survey also found that January is the most stressful time of the year for a third (31%) of self-employed workers.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Carillion pension trustees ‘kept in the dark’

A committee of MPs has accused failed contracting group of trying to ‘wriggle out’ of its pension obligations for over...

Close