Don't Rest on Your Laurels when it comes to Finance

The deadline for self assessment and company tax returns may have just passed, but that doesn’t mean small businesses can rest on their laurels.

According to a recent poll, 12 per cent of small businesses across the UK have been subjected to a tax investigation, and this can be far more time consuming than any tax return.

Adam Marlow at Marlow Associates comments: “With the rush over to meet the deadline of January 31 set by HM Revenue and Customs, small businesses and the self employed across Shepshed may start to take relaxed approach to their finances.

“However you could be the subject of an investigation of any point and it’s essential your finances are in order to avoid falling foul of the taxman. To make sure you’re prepared keep your books and records up to date, particularly if your business deals in cash as this is often an area most scrutinised.”

Revenue & Customs has the power to investigate tax returns without having to provide a reason.