Starting up a new and successful business from scratch is perhaps one of the most fulfilling and rewarding experiences any person can hope to achieve. But it can also be time-consuming, troublesome and tiring – particularly in terms of tax.
A new study suggests that sole traders in the UK spend a grand total of 9.5million hours completing their tax returns – with 45 per cent of entrepreneurs claiming that the arduous task takes them at least five hours.
A further 22 per cent told the survey, which was carried out by YouGov, that their annual submission took them a staggering ten hours or more.
For many sole traders and small businesses, this is valuable time that company owners with growing trade and expansion ambitions simply do not have. This is particularly true of start-up businesses, who need to focus on business plans and growth strategies perhaps more than any other type of enterprise – and usually with less hands on deck than their more established counterparts.
Separate research carried out ahead of Christmas found that almost half (43 per cent) of small business owners believe that tax is a key contributing factor to the long and additional hours they feel ‘forced’ to work.
If you are a small business owner, or you are setting up a new firm and establishing yourself in the business world, it is crucial to make sure that you have the time you need to focus on what really matters – your business. It is equally important to be supported by expert tax-planning assistance and advice.
Wilson Wright are here to help. We can assist you with all tax-related matters and ultimately help you to get ahead in the business world. Our team can advise you on managing your spending and day-to-day costs, and implement tax-efficient business structures for your firm’s future, leaving you with the time you need to focus on your business, or take a well-earned break when you need it.
For more information about our services for start-up businesses, please contact us.
Latest posts by Warren Baker (see all)
- Undeniable positivity among the UK’s tech start-ups - March 20, 2017
- Contentious Stamp Duty surcharge raises almost £1.5billion - March 16, 2017
- Young British businesses are hungrier for growth, study suggests - March 13, 2017