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Sole traders, entrepreneurs and other individuals who are required to fill out self-assessment tax returns will not receive a late filing penalty if they make their submission on the 1st or 2nd of February.

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The Forum for Private Business has called for schools to play a leading role in encouraging entrepreneurship amongst young people.

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Small businesses are concentrating their time and efforts into sales and marketing strategies to offset difficult trading conditions.

With the UK technically out of recession but the threat of a double-dip still looming, many SMEs are upgrading their websites, creating new marketing strategies or hiring sales staff to help their companies grow despite the current economic climate.

In research carried out by the Forum of Private Business (FPB), 44% of companies were anticipating that their firm would grow as a result of their sales and marketing push.

"These findings are quite encouraging and show there's a healthy amount of fighting spirit among smaller firms," stated Thomas Parry, Research Manager for the FPB.

"We appear to be seeing an upturn in confidence among SMEs and, by investing in sales and marketing strategies, small business owners are showing determination and entrepreneurial flair."

However the research also uncovered that many small businesses had a “relatively high level of debt”, and 48% of business owners had needed to provide personal guarantees for loans.