Small businesses struggle with laws

AN ESTIMATED 100,000 small businesses have been fined for failing to keep on top of laws and regulations, according to research by Clydesdale and Yorkshire banks.

A survey of business owners found that nearly one in ten small business owners has made late VAT payments or missed tax return deadlines and payments and will have paid fines totalling millions of pounds.

The research also found that 15 per cent of small firms struggle to understand company legislation and regulations.