“It?s clear that many businesses have been in survival mode and deferral of tax and VAT bills has been a key factor,”?Claire Bennison, head of ACCA UK, said.However, with Self Assessment payments coming in January, the deferral coming to an end in March, and VAT changes for those who trade with the EU, now is the time that they should be speaking to their accountant and planning to set up a payment plan with HMRC, for any outstanding and deferred debts. Kirsty McGregor, founder of The Corporate Finance Network, said that SMEs need to continue to focus on their future funding needs and their advisors will then be able to provide alternative solutions for their clients. “With the Coronavirus Business Interruption Loan Scheme (CBILS) drawing to a close at the end of January 2021, businesses should apply now if they are eligible or speak to their accountants about possible options for other commercial borrowing, Time to Pay arrangements with HMRC or routes to restructure their business and overhaul their strategy.” As the year draws to a close, the tracker results have shown consistently high levels of stress and anxiety among entrepreneurs running smaller businesses.
The latest figures reveal that 52% are feeling more stressed and anxious than usual and a worrying 9.5% are feeling unable to cope.Working alongside experienced accountants will allow SMEs to find some support and advice, which may remove some of that pressure, as we all look to help the economy grow again in 2021.
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