SMEs Missing Tax Return Deadlines
Has your business ever missed your tax return deadline? If so, newly published research finds that you’re not alone. Large numbers of small and medium sized businesses miss important payment and tax return submission deadlines every year, whilst many other businesses are missing out on beneficial tax breaks and grants.
A recent survey from Yorkshire and Clydesdale Banks of 500 small businesses found that one in ten business owners admitted to missing vital tax payments or tax return deadlines, whilst almost one in five confessed to losing out on tax breaks and grants.
19% of the small business owners questioned had not taken advantage of tax advantages open to them whilst 10% admitted to missing the deadline for their tax return or making late VAT payments.
From the research conducted, it seems that one of the major problems is that small business owners simply do not know where to turn for advice and guidance. The research found that 15% of people struggled to understand new tax rules whilst 16% did not know who to ask for advice on regulation.
Gary Lumby, director of small business banking at Clydesdale and Yorkshire Banks, said: “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.
“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.”
If you would like advice on tax deadlines, grants or tax breaks, please contact Helen Mackenzie, Chiene + Tait Tax Partner on 0131 558 5800 or email mail@chiene.co.uk