Are You Spending Too Much Time On Tax Compliance?
As a small business owner, getting to grips with your finances – especially tax – can be a tricky task. With plenty of technical and important admin to wade through, the question is – are you simply spending too much time on your taxes? Don’t worry, you’re not the only one.
Research shows that almost half of small businesses find tax systems confusing. If this sounds like you, keep reading and find out why your time should be better spent elsewhere…
According to the latest report from the Federation of Small Businesses (FSB), small businesses spend nearly a whopping three working weeks (every year) on tax compliance.
With costs amounting to nearly £5000, this equates to nearly 95 hours a year. Imagine that. That’s 95 hours of your working life spent with you head in the books.
This overtime on tax compliance is due to the challenging and puzzling nature of businesses finances. People try to understand systems like VAT, PAYE and National Insurance Contributions – but ultimately it can get pretty overwhelming. Especially if you don’t know where to begin.
Time spent elsewhere
Despite businesses best efforts, sometimes time spent on finances can run away with you. And before you know it, you’ve wasted days, if not weeks, trying to figure out tax rates and exemptions.
Chairman of the FSB National, Mike Cherry, echoes this sentiment saying that the time you spend navigating tax systems “is time and money not spent on innovating, expanding and creating jobs.”
You don’t want to waste your valuable time, do you? Especially when that time all adds up to valuable billing hours.
What are you missing out on?
Plenty of organisations struggle and inadvertently halt the growth of their own company. Worried that bringing on new employees, will only bring further complications.
Missing out on potential business and profit is a scary thought. But, tax systems don’t have to hold you back – in fact, they can even help you.
Busy with time consuming administration, many small companies don’t realise the number of tax reliefs open to them. Business owners are missing out on opportunities such as Enhanced Capital Allowance or Enterprise Zones tax breaks.
Also, are you aware of the expenses you can claim? Even things like staff entertainment can have frustrating tax administration.
Need help with tax compliance?
If tax compliance gives you a headache, don’t worry. There’s a solution. With professional accounting and business planning services you can save time and energy – and concentrate on growing your business.
That’s where UWM Accountants come in. We’re a friendly and skilled team of accounting experts based in Leeds. We do the hard work when it comes to tax compliance, so then you don’t have to. With over 30 years’ experience we can advise and assist on any issues you have. We can help streamline the entire process and help your accounts run smoothly. Get in touch today to find out how we can help your business grow.