Businesses lose 12 days a year on tax administration
The Federation of Small Businesses recently announced that business owners are losing around 12 working days a year keeping on top of tax administration - at a high cost.
It appears that around half of the companies surveyed spent between 2 and 8 hours each month dealing with tax forms. A significant number of businesses said they paid tax late because of confusion over payment dates or difficulty in understanding what was required.
Around 75% of businesses had to buy software to keep up-to-date with their tax obligations and also paid accountants and bookkeepers.
The Federation chairman, John Allan, said that if tax law were simplified it would free up time for businesses to grow.
Date: 15th November, 2013
Articles from this Author
1st November, 2018
Budget 2018 - Changes for businesses
22nd October, 2018
Making the most out of your home? Rent a room relief
3rd May, 2018
Tax changes for non-resident corporate landlords
4th April, 2018
EMI options - a current risk
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
Sandy Bell, Partner in Rickmansworth considers the merits of Furnished Holiday Lettings in Optima magazine… twitter.com/i/web/status/1…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole