Banks reveal ONE-IN-10 small business owners are missing important tax deadlines and payments, while nearly one-fifth have lost out on grants and tax

A recent survey of 500 small businesses by Clydesdale and Yorkshire Banks showed that 19% had missed out on tax breaks and grants, while 10% said they had made late VAT payments or missed tax return deadlines.

Some 16% were unsure of where to turn for advice on regulation, while 15% said they struggled to understand new rules."

According to Gary Lumby , director of small business banking, every penny counts for small businesses, so the cost of falling foul of red tape, can make a fundamental difference to their ability to succeed," said Gary Lumby, director of small business banking at the banks.

"In extreme cases, the lack of understanding can lead to closure. It is worrying that a significant number of small firms do not know where to turn for advice on these matters and we hope to change that for our customers."

If you are unsure of the impact of current legislation on your business, or simply want to avoid penalties from missed deadlines and payments, speak to our commercially experienced finance specialists.

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