A Third Of UK SME’s Are Missing Out On Tax Breaks According To A New Survey! Harnett Accountants Hammersmith Investigate

A new survey published by RSM Tenon has revealed that 33% of UK SME’s are missing out completely on tax breaks which they are entitled to. The highest proportion of SME’s missing out are located in the north, and the most underutilised tax break on offer was the 225% tax relief available for R&D projects.

Breaks in corporation tax are being claimed, as are business rate reductions, but the government may be disappointed that SME’s are still considering corporation tax reductions in particular to be the most important form of tax relief.

Paul Belsman from RSM Tenon said, “It is interesting that despite the various tax reliefs introduced by governments, most businesses still consider the headline corporate tax rate to be the statistic they are most interested in.

“It is also disappointing that only one in three UK entrepreneurs are unaware of tax breaks that could benefit their company – again an interesting finding when you consider the effort the government puts into devising targeted tax incentives.

“This could indicate that either the government is off the mark or the incentives introduced are too complicated for many businesses to consider.”

So, UK SME’s need to take more notice of the many and varied forms of tax relief currently available to them. If you are looking for accountants Hammersmith, and would like advice about which forms of tax relief your business is entitled to, why not get in touch with harnett accountants and we will arrange a free one hour no obligation consultation to discuss all of your accounting and financial planning needs.

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