January is marked by the height of the tax return season for UK business owners – and the associated stress and confusion.
As of November 2022, only one third of SME owners had submitted their tax return, with a tenth saying they’ll struggle to pay their tax bill on time.
A survey of over 600 small business owners from small business insurance provider Simply Business found that 5% of small business owners in the UK take a week or more to complete their tax return. One tenth say that there is not enough support available for SME’s who are struggling to fill their return effectively.
Tax returns are just one of the many challenges facing small business owners in the New Year, with a quarter worried that they will not be able to pay their tax bills in 2023.
Alan Thomas, UK CEO at Simply Business, commented: “The tax return season can be a really stressful period for small businesses in the UK, specifically because they don’t feel they have the necessary support from HMRC.”
If you would like assistance or advice on how to file your tax return contact us today.