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Entrepreneurs Panel

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

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

Like Sir Richard Branson, entrepreneur Eric Everard's first business was a student magazine.

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