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Entrepreneurs Panel

Richard O'Sullivan
Laura Tenison
Steve Purdham
David Pollock
Brian Hay
Debbie Pierce
Julie Meyer
Michael Oliver
Charlie Mullins
Jennie Johnson
Jeremy Roberts
Tony Caldeira

Down to penalties

New Self Assessment penalties for late tax returns and payments come into force this autumn.

Business owners who fi le their returns after the official deadline (31 October for paper and 31 January for online returns) will be liable for an initial £100 fixed-rate penalty, which will apply even if there is no tax to pay.

Anyone who submits their form three months after the deadline faces additional daily penalties of £10 per day, up to a maximum of £900.

Meanwhile, businesses that file their returns six months late could be charged five per cent of the tax due or £300, whichever is greater.

And after 12 months another fi ve per cent or £300 charge will be payable, while in serious cases the penalty after one year could be up to 100 per cent of the tax due.

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  • Sue Vizard, business coach and author of Jump Start: The Start-up Book for Your Dream Business, looks at some of the questions solo entrepreneurs should ask themselves.

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Five Minutes With

David Hughes sums up his entrepreneurial career to date thus: four spectacular successes and two failures. He founded the sports retailer Allsports and achieved turnover of £180 million before a vicious price war meant decline, administration in 2005 and a sell-off to rival JD Sports.

It took Richard Shonn, managing director of 151 Products, three years to find a warehouse big enough for his requirements.