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News - 30 September 2013

Half a billion spent by SMEs on tax admin per year.

Research by the Federation of Small Businesses (FSB) shows the UK's small business owners are losing around 12 days a year keeping on top of their tax administration costing them half a billion pounds per year.

Half the respondents spend between two to eight hours per month understanding, calculating and completing tax forms. A further 11 per cent spend between two and six days per month, hindering their efforts to grow their businesses.

Almost a third of firms say that cash-flow problems have prevented them from paying their taxes on time, while one in five (19%) say that difficulty understanding what is required or confusion over payment dates has meant they've paid late.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Tax and VAT regulations are complicated and the parameters change every year, so this report does not come as a great surprise. We at ABDS think that the Government should try to simplify tax legislation as a means of stimulating growth in industry.”

If you need any help and advice for your business on Corporation Tax or you need to keep abreast of changes in legislation and how it could impinge upon your business, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
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