Tax returns ‘causing panic attacks in company bosses’

by administrator

It is estimated that more than 600,000 bosses in UK small businesses have suffered stress-induced panic attacks while trying to complete their tax returns, according to research cited by the WalesOnline website. A whopping one in five (20%) bosses are said to battle sleepless nights, 17% report missing family time, and more than one in 10 (11%) are dealing with panic attacks.

Tax jargon is also proving a problem. Of the more than 1,000 small business owners questioned, almost half said they wouldn’t have the ability to explain Income Tax Self-Assessment (ITSA) or Making Tax Digital (MTD) to someone else.

Other common issues revealed by the survey results include not knowing the difference between minimum wage and living wage, as well as being unable to define Pay As You Earn (PAYE).

Many business owners would rather go to the dentist than deal with their tax return

The above findings are particularly troubling given how many small businesses now exist in the UK – around 5.5 million. 2021 saw the number of new businesses created surge to a record high of 810,316, which has resulted in many bosses needing to file tax returns for the very first time. It’s a tough time for established company bosses too, who are now having to grapple with making the switch to digital services with the introduction of Making Tax Digital.

When the research team asked bosses what they’d rather do than file their tax return, 48% of them claimed they’d be happier cleaning the oven, 48% would rather opt to visit the dentist, and 43% would prefer to endure the pain of standing on a plug. Evidently, the stress of completing a tax return is to be avoided – almost at all costs – for some business owners.

We can help take the stress out of this crucial process

The good news is filing tax returns doesn’t need to be so difficult and anxiety-inducing, and certainly shouldn’t be causing panic attacks. There are people with years of know-how and experience waiting to help you, such as the specialists behind our own accountancy services in Newton Abbot, Plymouth, and Wellington here at TS Partners.

Our highly qualified team consists of experts in the management of accounts and tax affairs. Get in touch today to speak to someone about your tax return so that you can receive the help that should leave you feeling less anxious about this important aspect of your responsibilities as a business owner.