The financial year may be coming to an end, but is your business ready to face your tax duties for the last year?
According to research commissioned by British Gas, over 30% of SMEs don’t set aside sufficient contingency funds to cover any unforeseen tax responsibilities. Nor do they hire a professional accountant to close the books on the previous tax year. Over half of small businesses say they are in this situation because they don’t have easy access to affordable support.
The research also revealed that:
– More than a quarter (27%) of SMEs are worried that their lack of preparation for the end of the financial year could lead to insolvency and/or the closure of their business.
– 40% of SMEs are concerned about the potential fines for not meeting their responsibilities for the end of the financial year.
– 30% of SMEs fear they could incur additional unexpected debt thanks to a lack of proper preparation.
Stephen Beynon, Managing Director at British Gas, said that “SMEs are the lifeblood of the UK economy, and their success will play a crucial role in creating the UK’s future jobs and growth. However, from listening to the concerns of our small business customers we know that many feel it’s hard to find and access help to help them meet their financial and legal obligations.”
British Gas understands the pressures facing small business owners and has collaborated with Enterprise Nation and Business Debtline to create a range of free online guides for businesses.
The advice to help SMEs manage their finances, better understand and manage energy costs and discover the help available when things aren’t going well can be found at: www.britishgas.co.uk/makingiteasy