An award-winning accountancy firm is offering support to businesses to help them plan ahead so they can file their taxes early and avoid new late payment penalties.
Elsby & Co has been working with companies to ensure they can make their submissions early following the latest Spring Statement when the Government announced late payment penalties for VAT and Income Tax Self Assessment (ITSA) would rise from this month.
The Rushden-based firm is now highlighting to other tax payers that the new rates are three per cent of the tax outstanding where the tax is overdue by 15 days, plus three per cent where the tax is overdue by 30 days, plus 10 per cent per annum where the tax is overdue by 31 days or more.
Elsby & Co Managing Director Claire Emery said: “The slowest payers are facing a more than doubling in the penalty rate so it’s vital that businesses take action.”
“The new penalties apply from this month to businesses that fail to pay their VAT on time. In April 2026, this will be extended further to include those who start to pay income tax through the new Making Tax Digital regime.”
“We understand the business tax system can feel like something of a minefield to companies, but we can ensure they pay the right amount of tax and are making the most of any allowances and exemptions that are available to them.”
“Our team ensures that businesses’ tax affairs are in accordance with the latest HMRC tax compliance rules and requirements and we will also liaise with the authorities on behalf of businesses and help them to make the most of tax opportunities specific to their industry.”
Elsby & Co also helps companies to structure their business in the most tax-efficient way possible by examining their commercial objectives.
To find out more about Elsby & Co, call 0330 053 9189, email help@elsbyandco.co.uk or visit https://www.elsbyandco.co.uk/