A NEW email alert service by Business Link, the Government-backed support organisation, aims to save small and medium-sized enterprises (SMEs) in Yorkshire thousands of pounds in fines and interest payments.
The service was triggered by statistics which show that more than a quarter of SMEs in Yorkshire (28 per cent) miss crucial deadlines for filing their tax and VAT returns or company records every year.
They are paying the price - with fines ranging from £100 for late self assessment forms, to up to 15 per cent of outstanding VAT balances.
As the new financial year began, businesses across the country were already falling into debt.
One in eight of them failed to complete their VAT returns on time, and one in ten missed the payment deadline.
A Business Link survey shows that many businesses in Yorkshire missed deadlines because they misunderstood their obligations to Government, or were so busy that they simply forgot the deadline was approaching.
The survey found that more than a quarter of SMEs (26 per cent) needed help to understand these processes.
The new email alert service will help businesses keep track of impending deadlines and avoid hefty fines and interest charges.
By registering on www.business-link.gov.uk the service will update the user on all of the impending deadlines affecting their business - everything from when to file their tax returns to providing Companies House with their annual records.
Users can also personalise the information they receive, and the format in which they receive it.
Markus Clavin, director of Business Link, said: "SME owner/managers can be so busy actually running their businesses that they let some of the less enjoyable sides of business - like filing their VAT returns - fall by the wayside.
"But burying your head in the sand just makes the problem worse.
"SMEs should use the professional resources out there to help them get organised and put their finances in order.
"Through the businesslink.gov website owner/managers can access a range of tools such as an email alert service and book keeping software."
Updated: 10:35 Friday, June 04, 2004
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