A survey reveals that self-employed individuals are losing approximately £3,000 per year due to time spent on unpaid administrative tasks. The study highlights the stress associated with tax returns and business administration, with many considering switching back to employment to avoid the administrative workload. The findings from a survey of 500 self-employed and small business owners emphasize the need for simpler management of business administration and awareness of the Making Tax Digital initiative.
Self-employed workers are losing out on £3,000 annually due to time spent on unpaid administrative tasks, according to recent findings. The average self-employed individual spends 17 hours a month on business administration , which could otherwise be used to earn an additional £3,000 per year.
A survey of 500 self-employed individuals and small business owners revealed that 45% dread the tax return season, often delaying it as much as possible. Over half consider it the most stressful time of the year, while nearly half believe their lives would improve if business administration was simpler to manage. The study was commissioned by Virgin Money to promote awareness of the government's new Making Tax Digital initiative. Simon Norman, head of business bank, commented: "Doing your tax return doesn't have to be daunting, but our research has shown it's a real headache and many see tax admin as the biggest stress of their jobs." He added, "Government changes are on the way, so it's important those affected by these updates are aware of what's coming and are ready for a smooth switch to digital tax returns.", reports Birmingham Live. The survey also found that 45% of self-employed people and small business owners view handling business administration as the worst aspect of being their own boss. Furthermore, 22% have considered returning to employment to avoid managing business admin. One in five confessed they'd missed receiving a payment from a client due to administrative overload, and 16% hadn't paid a supplier due to excessive paperwork. Whilst 47 per cent have utilised their personal current account for both work and personal finances, 57 per cent lack any software or apps to manage it, according to data from OnePoll.com.. Simon Norman commented: "With important changes coming, it's essential self-employed people and small business owners are preparing now to get ahead of the curve, so digital- only returns don't come as a shock. "This is why we wanted to help customers along with our new offer of fee-free access to accounting software with our business bank account, to help them meet the new digital requirements without any stress. "Plus, having a separate business bank account is a great way to make the process even smoother, as people don't need to spend time separating their personal and business expenses."
Self-Employed Business Administration Tax Returns Making Tax Digital Financial Stress
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