self-assessment tax deadline

Over a Quarter of Firms Name Accounting and Tax Issues as Barrier to Success

One-in-10 self-employed people or small businesses still haven’t filed their 2014 tax return More than a quarter of small businesses believe that accounting and tax problems are one of the biggest obstacles to success, costing their firms valuable time and money, according to a recent survey. And small businesses are evidently struggling as one-in-10 companies have yet to file their tax return and are risking penalty fees as the deadline (Jan 31st) looms closer. The research, by business software provider Xero, also revealed that bookkeeping and cashflow problems are costing over five million small and mid-sized businesses a total of £175bn in their first year of trading (approximately £35,000 each). According to the report, 25% state that chasing payments is one of the most difficult part... »