Don't miss the 31 january tax return deadline

In all the festive excitement, don’t forget that salon owners and self -employed hairdressers need to complete an on-line tax return for the 2013/14 tax year by 31 January 2015. Not complying can work out as an extremely costly oversight - If you miss the online returns deadline you will automatically incur a penalty of £100. If your return is three months late you will incur a further penalty of £10 for each day your return continues to be late up to a maximum of £900 or 90 days. If HMRC have not received your return six months after the deadline you will incur a further fine of either £300 or five per cent of your total tax bill, whichever is the larger amount. If your return is 12 months late you will again incur a further penalty of either £300 or five per cent of the total tax due. You may then be liable for further penalties depending on your circumstances.