Businesses perplexed by red tape, poll finds

Companies all over the country are finding themselves in need of business advice to help them overcome red tape, a new survey has found.

Research from Clydesdale and Yorkshire Banks shows that one million firms miss out on the tax breaks and grants they are entitled to, while half a million have missed tax deadlines.

Furthermore, 15 per cent of small business owners were found to struggle when it comes to understanding new regulation and legislation.

"For small businesses every penny really does count, so the cost of falling foul of red tape can make a fundamental difference to their ability to succeed," explained Gary Lumby, director of small business banking at the group.

He highlighted that failing to understand legislation can lead to businesses shutting down, so it is worth them carrying out the research they need to stay on the right side of the law.

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Published on: May 24, 2011

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