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It's not what you do, it's the time you spend doing it...........

14 August 2014

You’re thinking about your plans for the rest of the day, and somewhere in the middle of all that, you remember that you need to look at the letter that’s arrived from H M Revenue & Customs (HMRC), but that can wait, can’t it?

If tax paperwork brings you out in a cold sweat, it may not come as a surprise to learn that a study undertaken by the Federation of Small Businesses (FSB) has revealed that business owners spend on average twelve working days a year trying to keep on top of their tax administration.

The statistics from the study speak for themselves:

  • 50% of the businesses surveyed spent between two and eight hours per month dealing with HMRC paperwork
  • 30% had to deal with cash flow issues before they could pay their tax
  • 19% didn’t fully understand what liabilities were due, or when
  • 75% spent up to £5,000 on software to try to keep their tax position up to date
  • 66% felt their annual ‘cost’ of tax admin was valued at around £3,600

Using these results, the FSB estimates that a staggering £490 million is spent every year, by business owners trying to keep abreast of tax matters!

The study clearly highlights that dealing with tax issues can be time consuming and confusing, and while not everyone runs their own business, many private individuals can also find themselves having to spend significant amounts of valuable time and energy dealing with their personal tax affairs.  This can be laborious, and delays in resolving matters can cause concern and worry, not to mention interest and penalties in some cases.

This is where Springfords can help.  Whether you’re in business or not, we can work with you to understand the issues being faced, so that we can help you to find the best way forward, with the least amount of time spent and trouble caused. 

Interested in finding out how Springfords might be able to give you some of your free time back?   Just get in touch with your usual contact, or ring 0131 440 5000 if you’re not already a Springfords client, to speak to someone who can help.

This is a general guide which is intended to give background information and is not a substitute for taking specific advice based on your particular circumstances.

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