....and a failure to seek out professional advice. New research for the AAT, the leading professional education and membership body for accounting staff, found that an unnecessarily complex tax regime and a lack of finance training is compounding the impact of the recession, at a time when this sector - considered the ‘backbone’ of the economy – needs to make every penny count.
Common mistakes which cost firms cash include incurring fines for late filing of accounts; failing to claim Business Rate Relief and ignorance of opportunities such as the ‘Time to Pay’ scheme, which allows those companies unable to pay their tax bill to spread payments.
Business rates are a major cost to SMEs per annum and rate relief could be worth up to £1200 per firm. Despite this, over £400m of Business Rates Relief goes unclaimed each year, in large part because firms are not aware of the opportunity. The scheme, introduced in 1990, closed on 1st April, further impacting on small businesses.
Read the full article here: http://www.aat.org.uk/about/content/item19416/
www.ukba.co.uk
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