TaxCorporate Tax20% of small businesses to miss tax deadline

20% of small businesses to miss tax deadline

HMRC expected to rake in £200m in fines as business minnows say they will be submitting their tax returns late

Research has revealed that nearly 20% of small business owners admit that
they do not expect to get their tax returns in on time this year, which will put
£200m into the taxman’s coffers from the resulting fines.

According to accounting software company
KashFlow, 32% of small
business owners said that this was due to the fact the self-assessment forms
were too confusing. 48% said that they had not sent the documents through to
their accountant on time.

13% of respondents said that they were too busy to get the forms completed
and 9% said they had not seen HM Revenue&Custom’s advertising campaigns and
simply forgot they had to do it.

In its poll of 750 small business owners, KashFlow found that the percentage
of late filers was up from 14% in the previous year.

KashFlow MD Duane Jackson said: ‘It is really worrying that there is still a
huge amount of people out there who aren’t keeping on top of their bookkeeping
so as to get information over to their accountant on time. A few years ago this
would have been understandable, but it’s really inexcusable now that there are
accounting packages available that make this a relatively easy task.’

Further reading:

Two-tier HMRC
tax filing system uncovered

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

1m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

3m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

4m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

8m Alia Shoaib, Reporter