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25 May 2011
ONE-IN-10 small business owners has admitted missing important tax deadlines and payments, while nearly one-fifth have lost out on grants and tax breaks.
The figures, from a survey by Clydesdale and Yorkshire Banks of 500 small businesses, showed that 19% had missed out on tax breaks and grants, while 10% said they had made late VAT payments or missed tax return deadlines.
Further reading
Some 16% were unsure of where to turn for advice on regulation, while 15% said they struggled to understand new rules.
"For small businesses, every penny really does count, so the cost of falling foul of red tape can make a fundamental difference to their ability to succeed," said Gary Lumby, director of small business banking at the banks.
He continued: "In extreme cases, not understanding red tape could lead to them closing. It is worrying that a significant number of small firms do not know where to turn for advice on these matters and we hope to change that for our customers."
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
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Visitor comments Add your comment
old news
The plan is to put small business out of business, they help the process by not seeking the advice and choosing the cheapest unqualified accountants, after that it is a foregone conclusion.
Posted by: Spike, 25 May 2011 | 11:09
Red Tape
SME's need to do away with the unneccessary red tape....we have said this for many years.Start with dismantling the useless and time consuming CIS!!!!
Posted by: A Einstein, 25 May 2011 | 13:16
RTI
RTI for PAYE will only make things worse.
Posted by: Simon Lewis, 03 Jun 2011 | 12:54
CIS- A waste of our time & Money
I agree ...CIS is now totally unneccessary with sub and main contractors all having UTRs and it is now time it was dismantled and the money saved spent on improving the service to tax payers and advisors.
Posted by: TaxBak Bristol, 03 Jun 2011 | 18:35
CIS late return fines
I had some rush of blood to the head and thought I had submitted all my clients cis returns. The first I realised I hadn't was when they all received £100 late filing penalties.Of course I paid them personally but some were nil returns and the penalty is disproportionate to the crime. The cost made me feel that being in business just isn't worth the hassle.
Posted by: Carol Bell, 06 Jun 2011 | 09:20