25th January 2008
1 in 5 small firms "will miss tax return deadline"
Almost one in five small firms will not get their tax return in on time, according to new research.
Responding to a new survey conducted by online accounting software company
Kashflow, almost 20% of small business owners said they did not expect to submit their returns ahead of the 31 January deadline.
If this predicted failure rate is proven to be accurate, it would mean a 14% rise from last year's figures and result in total HM Revenue and Customs (HMRC) fines crossing the £200m barrier for the first time.
Kashflow’s Managing Director Duane Jackson said: "A huge number of people out there aren't keeping on top of their bookkeeping, so as to get information over to their accountant in time. 9% of business owners said they totally forgot about the return!"
According to the survey, 32% of firms claimed that they found the forms "too confusing", while 13% claimed to be "too busy".
Responding to a new survey conducted by online accounting software company
Kashflow, almost 20% of small business owners said they did not expect to submit their returns ahead of the 31 January deadline.
If this predicted failure rate is proven to be accurate, it would mean a 14% rise from last year's figures and result in total HM Revenue and Customs (HMRC) fines crossing the £200m barrier for the first time.
Kashflow’s Managing Director Duane Jackson said: "A huge number of people out there aren't keeping on top of their bookkeeping, so as to get information over to their accountant in time. 9% of business owners said they totally forgot about the return!"
According to the survey, 32% of firms claimed that they found the forms "too confusing", while 13% claimed to be "too busy".
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