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Missed tax deadlines cost businesses dear

17 June 2004
Missed tax deadlines cost businesses dear

Small and medium-sized hotel and restaurant businesses may be leading the way in sales increases, but a government agency has warned that more and more are paying millions of pounds a year by missing tax deadlines.

A survey from NatWest Bank reveals that although 44% of small restaurant and hotel companies reported sales increases over the last year, government regulations and paperwork remain the biggest problem for small businesses.

According to government support service Business Link, that problem could be costing millions of pounds. Official data shows that one in eight small businesses fail to complete VAT returns on time, while one in 10 miss payment deadlines.

Business Link said small companies were too busy trying to survive and forgot crucial dates. To combat the problem it has launched an e-mail alert service to help businesses keep track of deadlines. Register at www.businesslink.gov.uk.

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