29 November 2011
Business basics are problem for some, poll claims
More than a third of start-up businesses in the UK do not know the VAT threshold, according to accounting software provider Intuit.
The results of a survey by the company show that 39% of nascent firms are not aware of the £73,000 limit, while 23% fail to understand the definition of ‘VAT taxable turnover’.
The poll of representatives of 155 start-ups quizzed about business basics, taken in the lead up to the 31 January deadline forfiling tax returns, also found that almost half (47%) did not know the correct definition of ‘gross profit’ and 31% did not recognise the meaning of ‘turnover’.
