Small firms miss out on tax breaks

Small firms miss out on tax breaks Research by digital bookkeeping app Receipt Bank has found that half of business owners feel overwhelmed by the amount of paperwork they need to deal with, and one in five say this slows their growth. A further 33% have suffered a financial loss from not filing all the paperwork demanded by HMRC while a quarter didn't know that claiming business expenses could help to reduce their corporation tax bills. Rebecca Freeman, accountant at Receipt Bank, said: "Tax breaks exist to help small businesses invest and grow. Those that forgo their entitlements are putting themselves at a competitive disadvantage.”