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70% of SMEs ‘confused’ by tax returns
Just under 70% of small business owners find the tax return process confusing, according to a study by accountancy software company Accountz.
The research also revealed that despite being aware of deadlines for submission and the penalties associated with completing late self-assessments, as many as 22% of respondents have occasionally missed deadlines due to the complexity of the process.
Other significant gripes included the penalty charges issued for late payment, with 80% saying these charges are unfair. Regarding the 1.25% surcharge on credit card payments to the HMRC, 84% of respondents deemed this unnecessary.
"This study has uncovered several bones of contention that SME owners have with the current tax return process, the most significant being that completing a self-assessment is not as straightforward and simple as it probably should be," said Quentin Pain, founder of Accountz.
Post Date: February 15th, 2010
The research also revealed that despite being aware of deadlines for submission and the penalties associated with completing late self-assessments, as many as 22% of respondents have occasionally missed deadlines due to the complexity of the process.
Other significant gripes included the penalty charges issued for late payment, with 80% saying these charges are unfair. Regarding the 1.25% surcharge on credit card payments to the HMRC, 84% of respondents deemed this unnecessary.
"This study has uncovered several bones of contention that SME owners have with the current tax return process, the most significant being that completing a self-assessment is not as straightforward and simple as it probably should be," said Quentin Pain, founder of Accountz.
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Post Date: February 15th, 2010
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