Will end of seven-day 'grace' concession affect firms using facilities management cost reduction services?
June 18th 16:09 Cost Management
Small businesses using facilities management to reduce their costs have been given an added incentive to file their tax returns on time.
HM Revenue & Customs (HMRC) has announced the removal of a statutory buffer, which gave firms added protection from penalty charges.
Extra Statutory Concession B46, which was implemented inn 1995, ensured that companies did not receive a penalty for late filing of tax returns in cases where HMRC received the documentation on the last working day within seven days of the deadline.
However, the department has now announced that due to the introduction of obligatory online filing, the concession will be removed as of March 31st next year.
"Any customers filing a return late will, as now, be able to request us to remove any penalty, if they believe they had a reasonable excuse for the delay in filing. We will consider every case on its own merits," HMRC explained.
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