Linda Plant on working & tax admin

Small businesses across the UK are being urged to give their finances a spring clean as the new tax year approaches, with new research revealing the scale of time pressure facing SMEs when it comes to managing tax and financial administration.

The research among 2,012 UK taxpayers from Quickbooks shows that tax administration continues to take a significant toll on the time of sole traders and small business owners. More than 53% say saving 40 hours a year on financial administration would be time they would make full use of, while 55% say reclaiming that time would change the experience of the January self-assessment rush.

46% of Brits earned income from a side hustle in the past year, and 45% say they hope to turn it into a full-time business. That points to a growing pipeline of future SMEs, with many workers using side projects as a testing ground before launching a full company.

Ros spoke to entrepreneur Linda Plant and accountant Eriona Bajarkurtaj.

Photo by Colin Watts on Unsplash