Nearly a third of hospitality businesses (29%) have admitted they do not set aside the money they need to cover their tax liabilities, according to research commissioned by British Gas, writes Jordan Chamberlain.

The research, carried out by Research Now, surveyed 597 small and medium sized companies online between March 7 and 14 this year.

The research also revealed:

• Two in five (59%) leisure businesses think current support available on financial year-end is confusing or too expensive for them to use.

• Nearly a quarter (24%) say they are concerned about incurring unexpected debt by not properly preparing.

• Nearly half (44%) of leisure businesses say they are worried about being fined for not meeting their financial year-end obligations

• Over a quarter (26%) say they are concerned that not being prepared for financial year-end could lead to insolvency.

Nicola Connop Business Debtline mentor said: “Simply mastering the basics; such as preparing for the financial year-end can be the difference between a business surviving and failing.”

British Gas has teamed up with business support club Enterprise Nation and the Business Debtline to launch a free advice toolkit.