Business self-Assessment

Making Tax Digital Causing Half Of All Small Businesses To Lose Money

Making Tax Digital Causing Half Of All Small Businesses To Lose Money

Nearly half of all small businesses have lost money because of Making Tax Digital, according to a report by Pandle. The survey of 1,000 UK small firms has revealed that 49.23% have lost money by making mistakes on the new digital form of self-assessment – despite believing their suitably informed about the process. A government initiative, Making Tax Digital will see the process of self-assessment become fully digitalized by 2020 – meaning all business owners will submit and manage their tax returns online. Making Tax Digital Explained 63% of respondents feel “prepared” for the change – with just 20% unaware of the concept. However, 48.3% of small enterprise owners believe the process of self-assessment will be become more inconvenient once its digitalized – with 13% concerned they won’t b... »

Business Self-Assessment

Your markets Which markets, or market segments, are most profitable? What plans do you need to attack new markets? Are existing markets saturated? Who makes up your markets Your products and services Do they meet customer requirements? Which are the most profitable? What about price, service and quality issues? Your marketing effort Are your existing marketing methods right? How much do they cost? How do you target potential new customers? Your competition Who are they? What are their strengths and weaknesses? How do customers compare you and your competitors? What are your strengths and weaknesses? Your suppliers What are relationships like? Do you work with them to improve their quality of supply to your business – and thus to your customers? Finance and cashflow How does your cash... »