Worcester-based accountants Crowther Beard LLP are advising local businesses to check their corporation tax bill after research revealed a large number of business owners have no idea how much they should be paying.
In a survey conducted by a leading bank, 35 per cent of businesses confessed to not being familiar with recent changes to tax legislation and the impact it will have upon their financial status.
Chris Hobbs, of from Crowther Beard, said: "In this year's budget the Chancellor seemed to discourage small businesses from incorporating for tax reasons by increasing the tax they will pay on profits up to £300,000, from 19 per cent to 20 per cent.
"This took effect from April 1, 2007 however almost six months later it seems not everyone has taken these changes on board.
"However it's vital that SME owners and managers get to grips with these changes to ensure they are paying the correct amount of tax. A professional accountant or HM Revenue & Customs will be able to help anyone who is unsure of their tax rates."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article