Millions of small businesses face a potentially crippling tax bill because of confusion about changes in VAT, according to the Federation of Small Businesses (FSB).
The FSB claim that many small companies are confused about how much tax they should be paying from next year, when VAT reverts to 15% from 17.5% on the 1st of January 2010.
"Companies will be suffocated by further red tape as a result of the change and will face crippling tax fines if they get their tax wrong." Said Stephen Alambritis of the FSB.
In April this year the government doubled the standard penalty for companies that make an error on VAT payments
www.ukba.co.uk
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