A new study has revealed that completing tax forms and other legislative materials is the most likely task busy entrepreneurs consider putting off until a later date.
The report, commissioned by Hampshire Trust Bank, was designed to better understand how small firms spend their time in today’s competitive business world. It states that almost one-third (29%) of UK small businesses surveyed cited tax forms as a task they were most likely to delay completing.
This was followed by other tasks such as opening a business savings account (19%) and marketing to prospective clients (18%).
The report also disclosed that one-in-ten (11%) small business owners spend between 11 to 20 hours a month on managing their business finances. This task was a close second to time spent communicating with and marketing to clients, with 12% dedicating the same amount of time to this task each month.
Of the 500 UK small business owners surveyed in the report, more than a third (36%) said they tended to delay such tasks as tax forms because they “had better things to do with their time”. A further 31% said they simply “ran out of time”, while another 29% admitted these tasks “never seem to be a priority”.
The UK has one of the largest tax codes in the world, with various deadlines and responsibilities for taxpayers to be aware of. It’s therefore essential for small businesses to take their tax obligations seriously.
If you’re a time-poor small business owner or freelancer, your local TaxAssist Accountant can manage your tax affairs to the letter of the law; allowing you to focus on doing what you do best – running your business.
From self-assessment returns for the self-employed to corporation tax for limited companies, you can depend on our team to ensure you pay the right amount of tax on schedule, without fear of late filing penalties.