Thousands of SMEs suffer from late payments and then find themselves facing gargantuan tax bills, which consequently forces them to dip into their cash reserves.
Although the government’s Making Tax Digital timetable has been pushed back, it is becoming increasingly clear that embracing digital transformation is simply an inevitability.
Many SMEs still rely on spreadsheets and other inefficient manual processes to manage their business expenses – which costs approximately £8.72 billion each year in lost productivity.
To improve efficiency, businesses should consider investing in automated systems and cloud-based solutions which makes it easier to track and control expenses and thus remove administrative burdens and free up business time.
Businesses should ensure they are taking full advantage of tax relief opportunities.
Commercial property-owning businesses are entitled to claim capital allowances, a valuable form of tax relief for certain types of capital expenditure.