smallbusiness.co.uk: Helping your business think big

The recent changes to corporation tax are confusing a significant proportion of small business owners.

According to research by Bank of Scotland Business Banking, a third of owners do not know how much corporation tax they will be paying and a further 35 per cent are unsure of the impact of the recent changes.

However, despite the confusion the survey revealed that small business owners were still comfortable managing the financial side of their business.

Some 90 per cent of owners claimed to understand the rules and regulations for running their finances and only 19 per cent rely on outside help to conduct their affairs.

Mark Curran, head of relationship management at Bank of Scotland Business Banking, says: 'Small business owners are confident in their own abilities to administer the financial management of their businesses - a skill which appears to have been largely self-taught.'

He adds: 'Despite this, there is still a great deal of confusion surrounding the overly complicated tax regime for SMEs.'

The figures indicate that the most knowledgeable small business owners are from the south-east with 54 per cent of them claiming to know how much they will be paying in corporation tax.

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