This website uses cookies to ensure you get the best experience. Please read our policies for more information.

10 Chartered Accountants

News

Around half of the UK’s SMEs admit to making errors on taxes
17 December 2019

According to accounting software providers, QuickBooks, over 50 per cent of UK small and medium-sized enterprise (SME) owners have made a mistake when filing their VAT returns, while just a quarter (25 per cent) feel confident that they have filed their VAT accurately.

As the business owner, it is important to bear in mind the following tax obligations when filing your taxes:

Tax Returns

If you are self-employed, you need to check whether you are entitled to tax credits, so you don’t lose out on valuable income later on.

Self-employed individuals are entitled to the same personal allowance as someone who is employed.

Don’t overpay your taxes

A recent study revealed that small businesses are 56 per cent more likely to overpay on their taxes due to VAT filing mistakes.

Only half of all SME owners have completed their taxes efficiently or even correctly, and subsequently, many are overpaying their taxes.

Despite being able to claim this tax back, these errors could ultimately cost you and your business, which could negatively impact your cash-flow.

Making Tax Digital

In April 2019, the Government began its digital transition for ‘making tax digital’, making it easier for individuals and businesses to accurately file their taxes and reduce the number of mistakes being made.

Therefore, as an SME owner, you must stay ahead of the changes, as this will affect your businesses taxes.

To avoid any errors in your next tax return it makes sense to seek out professional advice to ensure that you avoid penalties and do not pay more than is due.

Link: A quick tax guide for small businesses

Other recent news

Planning your exit? Watch out for the BADR changes
20 March 2025

If you are thinking about selling your business, timing could…
Read more

Paying your employees will cost you more after 6 April
20 March 2025

From 6 April 2025, changes to employer National Insurance Contributions…
Read more

Why you need to meet with your accountant before April
20 March 2025

As the end of the tax year approaches, it is…
Read more

Upcoming Inheritance Tax changes that could affect you
20 March 2025

Upcoming changes to Inheritance Tax (IHT) will be phased in…
Read more

Time is running out to check for gaps in your State Pension!
20 March 2025

If you have had career breaks, worked abroad, or earned…
Read more

»

Case Studies