FSB: Authorities should highlight SME tax savings

The government needs to ensure small businesses are aware of the tax saving opportunities available to them, according to the Federation of Small Businesses (FSB).


The government needs to ensure small businesses are aware of the tax saving opportunities available to them, according to the Federation of Small Businesses (FSB).

The government needs to ensure small businesses are aware of the tax saving opportunities available to them, according to the Federation of Small Businesses (FSB).

Marc Shoffman, a spokesperson for the FSB, explains the trade organisation believes there is confusion among government departments over who should be advertising the tax breaks for small firms.

He comments that all agencies collecting tax from small businesses should ensure the companies they take money from are aware of the savings on offer.

This could be done by distributing a form to firms when they are applying to pay the taxes, Shoffman adds.

‘Small Business Rate Relief should be automatically applied to ratepayers’ bills without businesses needing to spend time applying,’ he suggests.

Figures reported by the Daily Telegraph show an estimated £200 million in tax credits remains unclaimed by smaller companies each year.

The newspaper remarks that this has led to ‘cowboy’ operators which help firms to claim these tax breaks then take 50 per cent of the savings.

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