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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.

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