Pictured above: Andy McQuillan
According to Dains, Midlands based Chartered Accountants and
Business Advisers, new figures have shown that one-in-10 small
business owners are not filing tax returns or making tax payments
on time.
Andy McQuillan, Tax Partner at Dains said: "According to a
survey of 500 SMEs, carried out by Clydesdale and Yorkshire Banks,
19 per cent had also missed out on potentially valuable tax breaks
and grants, while 10 per cent had missed tax return deadlines or
made late VAT payments".
Around 16 per cent said they did not know where to turn for
advice on regulation, while 15 per cent admitted having difficulty
understanding new rules.
The banks responsible for the survey have called the findings
"worrying", particularly at a time when smaller businesses should
be making every penny count, rather than facing penalties for
failing to comply.
For more information please contact Andy McQuillan on 0845 555
8844 or email tax@dains.com.