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Firms hit by tax relief confusion


Research of 500 businesses by digital bookkeeping app Receipt Bank shows that many are overwhelmed by the amount of paperwork they face, with 29% saying they have lost money due to issues with HMRC documents. A fifth said confusion over paperwork means they have missed out on tax relief, with directors saying their businesses have lost an average of £17,907 each due to confusion over the relief. Almost half said they don’t believe they have made all the claims their business is entitled to and a quarter did not know that claiming business expenses could reduce their corporation tax bills.

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