Firms face fine if return isn't submitted in time
Government has issued a reminder that the 5 May deadline for submitting contractors' and employers' tax returns is now just over two weeks away.
If the Income Tax Division has not received the tax returns by then, a £250 penalty will be charged.
Contractors and employers may also be liable to a penalty charge of £50 a day for each day that the return continues to remain outstanding, starting the day after the £250 penalty is charged.
Even if the penalties are paid, the tax returns must still be submitted and the contractor or employer may be prosecuted for failing to do so.
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