Months of lockdown, restricted trading and money spent on anti-Covid-19 measures mean that thousands of small business owners are at breaking point. But for many, next Sunday s tax payment deadline could be the final straw.
While revenues have collapsed as a result of ten months of zero or little money coming in, costs such as rent, mortgages, utility bills and leases have all still had to be paid.
This has meant that money normally put aside to meet tax bills has in many cases been depleted, along with any cash buffers and even personal savings.
Simply trying to stay afloat has cost many business owners very dear. Yet, now, they face income tax bills from the previous financial year (to April 5, 2020), when coronavirus was only starting to make an impact on the economy.
Millions of people could face £100 fines if they miss HMRC Self Assessment tax deadline
The deadline for filing the Self Assessment tax return is January 31.
Updated
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HM Revenue and Customs (HMRC) expects more than 12.1 million people to complete a Self Assessment tax return this year and accountants have issued a warning that many may face fines for missing the upcoming deadline.
HMRC: Millions of people face fines if they miss looming self-assessment tax deadline
The deadline is less than two weeks away
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A warning has been issued that millions of people could be hit with fines if they miss an imminent tax deadline.
Accountants are shocked that HMRC is refusing to extend the deadline for self-assessment tax returns on January 31 - despite Covid causing serious issues for businesses trying to file.
More than 12 million people due to file their tax returns online by end of month
Accountants warn of long waiting times at HMRC plus Covid-related problems
As many as 2.5 million taxpayers could miss deadline and receive a £100 penalty
Mercifully the taxman has pledged to let off anyone badly affected by the virus
Taxpayers grieving or battling Covid will still get a £100 fine and must appeal
Hard-up households on track to pay an extra £1.8m by spreading the payments
The Association of Chartered Certified Accountants found the majority of accountants internationally believe they are in an inclusive profession, but nearly two-thirds think the profession still has an issue to deal with when it comes to diversity.