Bury Accountants – Sole Traders Spend 9.5 Million Hours Doing Their Tax Returns
Bury accountants are widely available to help all types of businesses with their tax returns. However, it seems that a lot of sole traders are not taking advantage of this, and they are paying the price in terms of 9.5 million hours being spent on their tax returns.
YouGov research revealed that 22 per cent of sole traders take at least ten hours on their annual tax returns, and that 45 per cent of sole traders spend a minimum of five hours on their yearly submission. This means that there are 1.89m sole traders in the United Kingdom that basicallyx lose a full day of work and profit in order to file their self-assessment. As you know, time is money, and it would be much more cost efficient to hire a tax return accountant instead. It is likely that the cost of good accountants Chichester wide is going to be cheaper than the cost of missing a full day of business operations. Plus, a qualified accountant will be able to spot areas whereby tax savings can be made. The study also revealed that sole traders are guilty of using outdated processes to calculate their tax returns. 91 per cent do not use any software to identify their tax liability, 87 per cent do not use any to compile their revenues, and 78 per cent do not use any software to compile their expenses and costs. Not only this, but 63 per cent of sole traders manage their taxes themselves, without any help. This is a risky approach to take to say the least.
Instead of wasting precious company time on doing your tax return, you need to find the best Bury accountants that can do all of the hard work for you so that you can focus on your business. This is exactly what you have with AMG Financial Chartered Tax Advisers & Accountants. For more information, simply check out our website: https://amgfinancial.co.uk.