Franchisees should by now be aware that their Self Assessment Tax Return is due for filing by 31 January of each year, through online filing. The deadline for this is fast approaching and it is essential that this deadline is met to avoid penalties and surcharges.
Sarah Walker of HM Revenue and Customs (HMRC) said: “If you haven’t yet sent in your 2008-09 tax return, you need to start thinking about it now.”
You can file your tax return online at http://www.hmrc.gov.uk, or if you have an accountant they should be able to deal with this for you and ensure that the return is submitted correctly and in time.
Carl Reader is the head of franchising at franchise accountants Dennis & Turnbull, a leading firm of accountants in the franchise industry.
The above information is provided as general advice and no liability is accepted by the author, Dennis & Turnbull or Select Your Franchise in respect of individuals or businesses acting on the above. Independent advice should be sought in all circumstances.