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.

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking