SME leaders unsure of tax

Posted on 18 Dec 2013
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SME leaders unsure on tax relief Research commissioned by digital bookkeeper app Receipt Bank shows that while 92% of SME owners claim to understand the UK's tax relief system, many are not claiming as much as they could. The study, which polled around 500 small business leaders, found that around six in ten did not know they could claim for relief on medical insurance or pension payments for employees, while just under half (47%) were unaware they could claim for staff training and 68% did not know claims could be made for staff events. The study also found that over than half of limited company bosses were unaware they could claim back money if their office was based in their home, with a similar proportion unaware charity donations, mileage and legal fees are also tax deductible. The poll saw 15% of respondents say they have not claimed for tax relief in the past due to a lack of understanding of financial jargon.

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