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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
Author: Cathy Corns

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