Half of small businesses have lost money on self-assessment

A survey of small businesses has revealed that 49% have, at some point, lost money through self-assessment submission errors, either through paying fines or by paying additional tax.

The survey, conducted by a cloud accountancy software company, also asked small businesses for their opinions about the new Making Tax Digital initiatives that will change the way that small businesses pay tax.

Of the 1,000 respondents, 62% said that they were prepared for the changes, with 20% reporting that they weren’t aware of the changes.

Print or Email P45s?
Editor | 28 October 2015
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Payroll (and in particular the issuing of P45’s, P60’s etc.) are one of the major dislikes of business owners who run their own small or medium sized business.
Clients often ask their accountants “Why do we need to print out P45’s for leavers. Why can’t we simply email them?”
And the answer used to be that we agree it doesn’t make sense but HMRC say you have to print them (and there were even rules on the type of paper you had to use!).