"Tax season strikes fear into the hearts of business owners across the UK, and for good reason. With HMRC collecting record amounts in penalties and interest charges, getting your tax affairs wrong is usually an expensive mistake that could threaten your company's future. The pressure is particularly intense for small and medium enterprises, where a single tax error can wipe out months of hard-earned profits. From missed deadlines to overlooked allowances, the minefield of UK tax legislation catches thousands of businesses off guard every year."
"Chris Roberts, Managing Director at Capital Allowance Review Service, has seen it all. His company partners with UK commercial property owners, investors, and accountants to uncover overlooked tax reliefs, and he's witnessed firsthand how simple mistakes can cost businesses dearly. "Every year, I see the same tax blunders destroying business cash flow and eating into profits," says Roberts. "The frustrating part is that most of these mistakes are completely avoidable with the right knowledge and planning.""
Tax season imposes high financial risk for UK businesses as HMRC collects record penalties and interest that can threaten company survival. Small and medium enterprises are particularly vulnerable because a single tax mistake can erase months of profits. Common pitfalls include missed deadlines, overlooked allowances and poor record keeping that trigger automatic penalties and compounding interest. Chris Roberts, Managing Director at Capital Allowance Review Service, identifies seven damaging errors and practical avoidance steps. Examples include late filings that produce fixed fines and daily interest, and the recommendation to use automated reminders, file early, and maintain accurate records to protect cash flow.
Read at London Business News | Londonlovesbusiness.com
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