95% of all UK businesses have fewer than 10 employees – that’s 5 million sole traders, contractors, freelancers and micro-businesses bolstering up our economy. However these small businesses shoulder compliance costs seven times greater than their larger counterparts on a per-employee basis.
To address this disparity HMRC is focusing on online functionality for customers with its ‘Digital by Default’ strategy. Its goal is to create a better experience for small business owners by simplifying the process for tasks like Self Assessment.
In this whitepaper Ed Molyneux, founder and CEO of FreeAgent, details the impact of this strategy for accountants, and how workflows for admin-heavy tasks like bookkeeping and preparing VAT returns can be improved.