More than four-fifths (87%) of small business owners seek external tax advice at some point, according to the Federation of Small Businesses’ (FSB) latest Taxing Times report.
A quarter of small firms deem bookkeeping and understanding the taxes they pay to be their biggest headache when running a business, with only 6% of entrepreneurs having never sought external tax advice at any stage.
Only one-in-ten FSB members surveyed said they felt their taxes were simple to understand when completing self-assessment tax returns.
More than half (55%) of FSB members surveyed said they regularly sought full tax accounting services, with 47% of entrepreneurs actively seeking bookkeeping and tax support when starting up their business.
Mike Cherry, National Chairman, FSB, said: “Being a small business owner means juggling a huge number of responsibilities.
“We have to move towards an environment where entrepreneurs can focus on running and growing their firms, rather than having to worry about paperwork and red tape.”
With the hassle of bookkeeping and the uncertainty of Making Tax Digital on the horizon for many small firms across the UK, TaxAssist Accountants announced a partnership with Receipt Bank earlier this year, ensuring clients are best prepared for the latest advances in tax technology and legislative developments.
Receipt Bank’s real-time bookkeeping software allows our clients to file their transaction data directly to their local TaxAssist Accountant via the TaxAssist Accountants app or email.
Sarah Robertson, Group Operations Director, TaxAssist Accountants, said: “Our accountants are embracing new technologies at all levels in order to pass on the benefits of their experience and expertise to their clients.
“As practices prepare for the arrival of Making Tax Digital, tools like Receipt Bank will be essential for implementing digital processes and improving efficiency.”
If you’re a small business owner looking for support to maintain up-to-date records for both taxation and VAT purposes, your local TaxAssist Accountant can help.
With our years of expertise and industry leading accounting software, we can help you manage and control your finances, plan for future growth and ensure all taxes owed are paid on time – all for a fixed monthly fee.
To arrange a free initial consultation on our bookkeeping services for small and medium-sized enterprises across the UK, call your nearest TaxAssist Accountants office today on 0800 0523 555 or drop us a line using our online enquiry form.