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Entrepreneurs Panel

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

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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Five Minutes With

Reputation is everything when it comes to running a successful business, according to Sacha Lord-Marchionne and Sam Kandel, founders of the Warehouse Project (WHP), a series of club nights featuring DJs from all over the world, which was launched back in 2006.

After travelling the world in a corporate role, Mike Wheeler decided that he had had enough of living out of a suitcase and so got a job running a small family business.