Tax compliance 'is vital for businesses'

Date: 14th August 2008

One of the most important jobs that the managers and owners of small businesses have to do is ensuring their firm meets regulations and does not miss tax deadlines, one industry expert has said.

Writing in the north-east's Journal newspaper, Business Link's Colin Grimston explained that complying with government regulation and tax rules was vital if businesses were to survive and thrive.

He said that bosses needed to ensure PAYE forms were correctly filed and that VAT returns were completed.

"Making sure that your business is complying with regulations and meeting tax deadlines is a key responsibility of management," Mr Grimston explained to the paper.

"However, sometimes it is difficult to keep track of changing legal requirements and identifying those that apply to your business and require action."

Mr Grimston said that there was a wealth of information online that could help businesses ensure they meet their tax requirements.

Businesses might also consider hiring an accountant to help them with their tax returns. A recent survey showed that small business owners trust accountants to give them sound business advice.