59% of London SMEs find financial year-end support 'confusing' or 'expensive'

With the end of financial year deadline now upon businesses across the UK, recent research commissioned by British Gas found that over half of London-based SMEs (59 per cent) say support to help with the financial year-end is too confusing or expensive.
 
Almost a quarter (23 per cent) of London firms also revealed they do not put any money aside to cover their tax liabilities, which could potentially leave them with a considerable bill to foot in the coming months.
 
A fifth of London SMEs also admitted to losing out financially at the end of the financial tax year due to a lack of proper planning, with over a third (37 per cent) fearing their lack of preparation could result in the insolvency of their business.
 
As a result of these findings, British Gas launched a new partnership with financial experts, Business Debtline and growth advisers Enterprise Nation, offering a free online financial toolkit for businesses, supported by the London Enterprise Panel.
 
Stephen Beynon, managing director of British Gas, said: "SMEs are the lifeblood of the UK economy and their success will play a crucial role in creating the UK’s future jobs and growth."
 
Kit Malthouse, deputy mayor for business, welcomed the combined initiative to help businesses take the next steps toward success.
 
"London’s 800,000 SMEs are the backbone of the capital’s economy, representing 50 per cent of the workforce," he said.
 
"The Mayor is committed to supporting this entrepreneurial sector so it can thrive in tough economic times. For this reason we welcome British Gas and Enterprise Nation’s initiative to provide easily accessible, practical financial advice to these companies freeing them up to focus on taking their enterprises to the next level of success."
 
At TaxAssist Accountants we too offer a nationwide network of accountants who look after the financial compliance of thousands of small businesses, allowing them to concentrate on doing what they do best.
 
We specialise in businesses with a turnover of £2m or less, which means we are ideal for SMEs looking for guidance and an explanation why the figures behind your business are so important.
 
If you would like to discuss our services further, don’t hesitate to arrange a free initial consultation with us, by calling our friendly team on 0800 0523 555, or complete our online enquiry form today.

Date published 5 Apr 2013 | Last updated 5 Apr 2013