Wandsworth home businesses missing out on tax break, warns ACCA
Home businesses in Wandsworth could be missing out on money-saving tax breaks, warns the The Association of Chartered Certified Accountants (ACCA).
Figures show there are 356,823 home business owners in the capital London, with Wandsworth having the highest percentage in the UK, measured at 32,480 - which represents 19 per cent of the borough's total workforce.
The ACCA believes businesses are missing out on tax breaks because of the intricate nature of the UK tax system, with many organisations not taking advantage of the benefits.
Financial support is available for electricity, water, heating and cleaning, yet this has not been realised by organisations.
Damian Connolly, ACCA Central London members’ network, said: "London and in particular Wandsworth has among the higher proportion of home businesses.
"The worst thing that could happen now in this atmosphere of innovation is for some of those new, emerging businesses to struggle due to unwarranted tax bills.
"With so much to think about when running a business, tax deductions can get overlooked. It’s worth doing your homework and getting sound advice to ensure you aren’t paying more than you need to."
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