The high number of tradesmen who admit to having missed an income tax return deadline聽 brings to light the worrying proportion who don鈥檛 know how to correctly fill in their self-assessment forms - or do not realise the importance of doing so.
Wickes Board Director, Rob Murray, says: 鈥淭he repercussions of missing the income tax deadline can have a significant financial impact for tradesmen who work for themselves or own their own companies, as they run the risk of being fined.聽 In this tough economic climate, it鈥檚 more important than ever that those who work in this vital industry are given the help and guidance they need to ensure this doesn鈥檛 happen to them.
Wickes Trade Builder has been created to provide self-employed tradesmen with essential information on business topics such as tax and VAT in order to help them avoid making mistakes of this kind.鈥�
The highest proportion of tradesmen who admitted to missing an income tax deadline are based in London, with nearly a third (32%) having been penalised for getting their self-assessment forms in late.
The North East of England saw the second highest number (27%) of tradesmen failing to meet the deadline whilst the lowest figures came from the Midlands and Wales, with just 18% and 20% respectively claiming to have made this mistake.聽 21% of tradesmen in both North and South West England have also been late in returning their forms, and almost a quarter (24%) of Scots have returned their forms after the deadline.
Of those respondents who said they鈥檇 missed a deadline for their income tax forms, 32% said it was because they had forgotten the date, more than one in 10 (11%) said they didn鈥檛 know how to complete one and 36% said they had been simply 鈥榯oo busy鈥�. In addition, 35% of tradesmen who have never submitted an income tax return online didn鈥檛 know that you could do so.
Wickes Trade Builder is an online resource designed in conjunction with Business Link specifically to help tradesmen maintain and protect their businesses. The site is easy to access and simple to use, meaning that tradesmen who are short of time can access the business information they need quickly and efficiently.
The site delivers advice and guidance on a wide range of business topics relevant to tradesmen including information on completing income tax forms. The homepage currently features a 鈥榣ive-time鈥� countdown clock to the final date for online tax submissions in order to flag the impending deadline.
The website also contains information on getting and keeping customers, managing finances, tracking and chasing debt, and negotiating self-employment legalities. The refreshed site now includes more detailed information on VAT and taxes, business licensing, the Construction Skills Certification Scheme (CSCS) and disposing of building site waste management.聽
Rob Murray summarises: 鈥淔or those in the construction industry in particular, relevant business information is not readily available. As the trade experts, we are fully aware that tradesmen have little time to search for business advice, which is why Wickes Trade Builder provides the invaluable information and advice needed to run a profitable business in one, easily-accessible place.鈥�
鈥⒙犅犅犅犅犅犅犅犅犅� Almost a quarter (24%) of UK tradesmen have missed an income tax deadline
鈥⒙犅犅犅犅犅犅犅犅犅� 32% of London tradesmen have been fined for being late
鈥⒙犅犅犅犅犅犅犅犅犅� One in 10 tradesmen are unsure how to complete the self-assessment income tax form
聽*Research conducted amongst 500 British tradesmen by Zebra Square
Got a story? Email news@theconstructionindex.co.uk
