Tax for small businesses

[james]

It has been a while since I've actually done any client work (apart from family and friends) but I do have a tax background and I still work in the tax arena, so if anyone's got any queries feel free to put them here.

Do expect few "ask your accountant" responses.

[Parin]

Hi James,
Going to take you up on your offer, what are the penalties for not submitting self assessment forms if you are ment to?
Thanks
Parin

[james]

Originally Posted by Parin

Hi James,
Going to take you up on your offer, what are the penalties for not submitting self assessment forms if you are ment to?
Thanks
Parin

If you don't submit by the deadline (31 January 2008 for 2006/2007) then you will be charged up to £100, an extra £100 if not done by February. You also have interest at 8.5%.

Have you had a notice to submit your return?