Small Businesses Ignorant of Available Tax Relief
3.5 million of the UK's small and medium enterprises have a "very poor" understanding of government tax relief on offer
An estimated 3.5 million UK small business owners have a “very poor” awareness of the tax relief on offer to them from the government, Direct Line for Business has reported today.
Direct Line found that 18% of small and medium-sized enterprises had a “below average” understanding of the tax relief measures available to them, just a mere 6% said they had a “good understanding” of the incentives on offer.
Over a third (36%) of the small businesses surveyed said they didn’t think, or didn’t know if, they were eligible for any business tax relief.
Direct Line for Business’ Nick Breton discussed the findings: “This research highlights that there is a lack of awareness of the benefits available to small business owners which can ultimately impact the development and growth of their business.
“We would encourage [small business owners] to do some research and seek help if necessary to make sure they are taking full advantage of the benefits.”
To find out more about government tax relief for your business, click here.