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Tax return process far too complicated, say SMB owners

-Increasing number of taxpayers relying on credit cards to meet tax liabilities-

An overwhelming 68 per cent of small business owners and entrepreneurs have revealed that they found the tax return process confusing, a study by accountancy software company Accountz has revealed.

The research carried out among 100 SMB owners found that despite being aware of deadlines for submission and the penalties associated with completing late self-assessments, as many as 22 per cent of respondents have occasionally missed deadlines due to the complexity of the process.

Around 55 per cent of respondents claimed that they had calculated their tax bill throughout the year and saved up accordingly and five per cent worryingly stated that they had used credit cards to settle with the HMRC.

Other significant gripes included the penalty charges issued for late payment, 80 per cent felt these charges were unfair, and the 1.25% surcharge on credit card payments to the HMRC, which 84 per cent deemed unnecessary. As many as 41 per cent of those quizzed said that they felt the self-assessment was generally harsh on taxpayers.

“This study has uncovered several bones of contention that SMB owners have with the current tax return process, the most significant being that completing a self-assessment is not as straightforward and simple as it probably should be,” commented Quentin Pain, founder of Accountz.

“However if taxpayers calculate their tax bill on an ongoing basis and make savings throughout the year as a result, the whole process can be simplified and will cause less headaches when deadline day approaches,” he concluded.

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About Accountz

Accountz is a UK-based company that specialises in accounting software for the home and business. With 25 years experience in developing award winning accounting solutions that are powerful and easy to use, Accountz has a unique product portfolio that is driven by simplicity and speed.

Accountz software can be downloaded online or run straight out of the box and is compatible with Mac, Linux and Windows computers.

For home users, Personal Accountz is ideal for managing household accounts and controlling personal finances in a straightforward way. The Business Accountz range consists of basic, professional and enterprise varieties, suitable for effortlessly handling the accounts for businesses of all types and sizes.

The company offers frequent training services to help familiarise customers with the Accountz software packages and is renowned for its outstanding customer support.

For more information, go to www.accountz.com

For further information,
Please contact:

Dani Freeman/Georgina Heaume
Spreckley Partners
020 7388 9988
freeman@spreckley.co.uk/heaume@spreckley.co.uk