A quarter of UK businesses (27%) admit to missing tax deadlines
One in three (34%) SMEs leave filing to the last minute
One in five (18%) forgo money back from the taxman because of missing paperwork
One in five (21%) say tax reporting deadlines keep them up at night with worry
New research from Receipt Bank has revealed how the Halloween paperwork tax deadlines gave small British businesses nightmares.
A quarter of UK SMEs (27%) have missed a tax deadline with one in three (34%) putting off their financial admin to the last minute. Shockingly, nearly one in five (18%) admit to not processing all of their tax-deductible paperwork with the taxman.
A third of all UK SMEs (34%) believe dealing with financial admin prevents them from focusing on growing their business. Half (50%) don’t enjoy processing receipts, and over a third (38%) say that processing financial paperwork and invoices creates stress for them. Over a fifth (21%) said financial management and reporting deadlines have kept them up at night.
Commenting on the findings, Adrian Blair, CEO at Receipt Bank says: “Two things are holding back British business: wasting time on manual admin and overpaying on tax. Small British businesses are spending 120 hours a year on finding and filing their financial paperwork - leading many to lose control of their balance sheet and 27% to give up more money than needed to the taxman because they’ve missed deadlines.”
“Our mission is to take away the headache of paperwork, giving British businesses control over their books and peace of mind when it comes to tax.”