Small Businesses in Need Of Support As 1.4 million Can’t Wrap Head Around Tax Legislation

Aside from more advice led articles, business owners have also called for incentives to help them grow beyond the UK market

Small Businesses in Need Of Support As 1.4 million Can’t Wrap Head Around Tax Legislation

1.4 million UK businesses are in need of more advice around tax legislation and general finance, according to a report by Hiscox.

The survey of 1,000 small enterprises revealed that 27% need some form of assistance with their bookkeeping, with tax legislation cited by 59% of those affected as the biggest headache of all.

Accounting (50%) and payroll and tax returns (45%) also ranked high as areas where business owners felt they struggled to go it alone.

48% of those surveyed believed more advice led articles would help alleviate the problem with 43% wishing to see more ‘how to’ guides, while 19% cited thought leadership as an area that could possibly be expanded upon.

When turning their attention to foreign markets, respondents believed that more should be done by the government by way of tax reliefs and incentives, as the drop in the value of the pound has opened up opportunities for exporting.

Struggling with numbers? Read our dedicated finance section here.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>