ESC B46 Ending

Small business owners and the self employed are being encouraged to seek specialist advise with regard to their accounting following HM revenue and customes annoucments that as of 31st March 2011 the Extra Statutory Concession (ESC) B46 will no longer apply.

ESC B46 was introduced in 1995 and under the terms of this businesses and self employed contractors could avoid penalties for late filling of their tax returns providing HMRC recieved the returns by the last working days with 7 days of the deadline. Factors such as the end of paper filling has meant that delays due to postal issues is now no longer valid.

HMRC has however said they will still continue to consider each case for delay on it’s own merits providing the reasons are of a reasonable nature.