The deadline for online tax returns is fast approaching and today businesses are being urged not to leave filing returns to the last minute, to not only avoid penalties, but also make sure they have time to work out any refunds owing to them.
Research recently released shows that only a third of small businesses completely understand HMRC regulations on expenses which means millions could be missing out on significant VAT refunds.
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Less than a third of small businesses always claim on VAT expenses and less than one in ten claim 100% of that, while less than a quarter always reclaim VAT on business mileage claims.
Based on these figures, it’s probably no surprise that three quarters of small businesses wish they knew more about employee expenses and VAT reclaim.
Furthermore, less than 40% surveyed by Concur are certain their organisation complies with HRMC regulations and more than 40% are worried about HMRC coming to inspect their business.
The biggest concerns about not complying are a damaged reputation (37%), monetary fine (28%) and lost working hours (19%).
Financial expert Matt Lewis advises small businesses on how to get the most of their tax returns, particularly when it comes to areas like expenses, and is available to provide information and advice and take questions from listeners on the looming deadline.