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.”