TaxCorporate TaxSMEs missing tax return deadlines

SMEs missing tax return deadlines

Small businesses missing tax deadlines and struggling with regulation

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.

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.”

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m 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
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

8m Emma Smith, Managing Editor
OTS report: Corporation tax should follow accounts

Corporate Tax OTS report: Corporation tax should follow accounts

10m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

11m Emma Smith, Managing Editor
Spring Budget 2017: Making Tax Digital

Business Regulation Spring Budget 2017: Making Tax Digital

1y Shereen Ali, Deputy Editor
Tax fraud loses HMRC £16bn

Corporate Tax Tax fraud loses HMRC £16bn

1y Emma Smith, Managing Editor