The FSB hold firm the view that small businesses are an essential part of a local community and play a crucial role in its social and cultural activities in addition to their contribution to the local economy. It is well known that small businesses form the majority of the UK economy, but their impact on the community has not been measured until now.

SMEs provide 80% of Government revenues which are raised from business taxes and rates. 46% of revenues are raised from income taxes and employment charges. SMEs also develop 60% of innovative technology and processes. Despite this, less than 3% of small businesses receive any direct benefit from Government investment in economic development.

If understanding the tax code were a requirement for starting a business, there would be far fewer entrepreneurs.

Mark Savitskie knows that, and he’s made a business of helping small firms prepare for the annual rite of spring — tax day.

Advertisement

Savitskie, a former IRS agent and finance guy for Ford Motor Co., started Mark Savitskie CPA in 2002. The company specializes in helping companies with revenues of less than $1 million per year.

With tax day looming — March 15 for corporations and April 17 for small businesses and individuals — Savitskie says business has been booming.