Business owners urged to prepare tax payments early

Owners of small businesses have been encouraged to be organised when planning their tax payments.

According to Discover Financial Services, company bosses would benefit from preparing their taxes as soon as they can.

This, it said, would be a good move because delaying could lead to them being distracted from running their firm later on.

Indeed, a poll by Discover found that 46 per cent of small business owners consider the process of managing their tax payments and documents quite complicated and time consuming.

The firm said leaving it until later "only takes them away from tending to their bottom lines".

Ryan Scully, director of the company, added that while trial and error can be a "great learning tool", making mistakes in the current economic climate could potentially be very costly.

The advice comes in the run-up to the deadline for submitting Self Assessment tax returns over the internet on January 31st.

For more information on Self Assessment and Tax Returns visit our Self Assessment and Tax Returns section.