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Entrepreneurs Panel

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

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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  • Author, writer and marketer Ryan Holiday on how entrepreneurs need to interpret failure.

  • 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

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.