Small firms missing chance to reduce tax costs
Small businesses are missing out on the chance to reduce tax payments due to a failure to seek out professional advice and a lack of understanding of complex tax laws, according to research by the Association of Accounting Technicians (AAT).
Commonly missed opportunities to cut costs include late filing of accounts, resulting in fines and penalties. Businesses are also failing to claim relief on business rates, while some are unaware of the 'time to pay' scheme, which allows firms to spread the cost of their tax bill.
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