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SME Hidden
Risks
SME’s in the UK are at risk of having
goods and assets confiscated
by the HMRC if they don’t make
certain tax payments by 31 July,
according to Funding Options.
»»All business owners
must file their selfassessment tax returns
by the end of July. But a
lesser-known fact about
the deadline is that small
businesses must also make
an “up-front payment of 50%
of their annual tax liability in
one lump sum”.
For some businesses
this payment can run into
hundreds of thousands of
pounds. Due to these and
other tax-related issues,
1,080 SMEs had goods
and assets seized by the
HMRC in the past financial
year. Often these goods are
subsequently auctioned off
to raise funds to go towards
the arrears; but rarely meet
anywhere near their market
value. After this the HMRC
can still continue to pursue
companies for arrears.
Funding Options CEO
Conrad Ford warned SME
owner