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More than one third of small and medium sized companies are unclear on the tax planning rules that govern their firms and do not know how much corporation tax they will be expected to pay this year.
That is according to a new survey, conducted by Bank of Scotland, which revealed that 35 per cent are unacquainted with the recent changes to tax legislation and how they will impact their financial situation.
However, the survey also indicated that nine tenths of small time entrepreneurs have a good understanding of financial issues other than tax, even though 75 per cent have no formal qualifications in this area.
Mark Curran, head of relationship management at Bank of Scotland, said that changes needed to be made to the tax regime in order for small businesses to better understand the rules governing the system and tax mitigation.
"With so many small business owners taking responsibility for their financial affairs, it is vital that they are able to understand their tax liabilities," he said. "Simplification of the tax regime is required if this knowledge gap is to be filled."
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