Starting a new business? Get 40% off our accountancy services for 3 months! 😀


Small businesses could be facing a financial crisis, as a large number of companies miss relevant filing deadlines set by HM Revenue & Customs. In addition, some companies are not aware of tax incentives and grants which they are entitled to, leading to a greater financial struggle. Research conducted by Clydesdale and Yorkshire banks revealed that 19 percent of the 500 small businesses surveyed had not claimed the grants or tax breaks that they were entitled to. In addition to this figure, 10 percent had missed tax return deadlines for filing or made a late VAT payment.

As the penalties for missing filing deadlines have changed, companies now face much higher fees in penalties and interest, adding to their financial woes. Regulation appears to cause confusion among a high number of businesses, with 15 percent having difficulty with new rules and legislation. Obtaining advice regarding regulation changes and implementation caused confusion for 16 percent of companies, who didn’t know who to approach for assistance.

As the economy continues to struggle, with small business continually feeling the pinch, it is vital that a company receives all the tax breaks and incentives it is entitled to. The support offered by the government, which includes the National Insurance holiday for businesses, could prevent a company from facing insolvency. Staying within relevant time limits for filing documents is essential to avoid costly penalties and fines. As interest is also added to any outstanding tax or fines which are not paid in a timely manner, seeking professional help is advisable.

Inline Feedbacks
View all comments

Read more posts...

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.


You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?


Call us on 020 3355 4047 if you’re not sure.