Almost 100% of UK small businesses plan to make changes in the new tax year
London, April 4, 2024–(BUSINESS WIRE)–New research from Intuit QuickBooks reveals how UK small and medium-sized businesses plan to approach the new tax year as the April 6 start date approaches. It became clear.
Almost all small businesses surveyed (99.6%) plan to change the way they operate in the new tax year. In fact, 41% of small businesses planning changes to their business expect this to be fundamental.
Here are the top five changes small businesses will make in the new tax year.
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52% will start using AI to make their tax year more efficient
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50% plan to find ways to comply with all laws and regulations and reduce their tax liability
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48% plan to upgrade their financial management system
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44% say they will pay more attention to potential tax refunds
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41% plan to hire an accountant or tax attorney
81% of small businesses surveyed say the economy is having a negative impact on their business, but 68% will consider what changes they can make to be more successful in the new tax year I agree that it's time.
In fact, 62% of small businesses surveyed are optimistic about the new tax year, as it gives them an opportunity to start managing their finances anew.
different business
63% of those surveyed believe the new tax year will be a make-or-break for small businesses. 84% of small businesses plan to reduce staff in the new tax year, with more than two in five (44%) choosing to reduce overhead costs and more than a third (37%) freezing hiring We are expecting.
Assessing the reasons for pessimism among small and medium-sized businesses, financial or economic uncertainty preventing effective planning was the top reason, at 34%. Furthermore, 79% are considering postponing investment plans until after the general election.
New tax year resolution
67% of small businesses agree that preparing for a new tax year is when they need the help of an accountant the most. However, only 66% of them currently have a qualified accountant or tax accountant to help them manage their taxes.
Pauline Green, Head of Product Compliance and Programs at Intuit QuickBooks UK commented: “Being a busy small business owner often means taking on multiple roles within your business, and accounting may not always be at the top of your day. All too often, paperwork gets pushed to the “backburner” pile.
“While this year has also been a challenge in adapting to economic instability, the new tax year offers small business owners a chance to start fresh with solutions that better meet their needs and take the pain out of taking the accounting role on their behalf. It’s a great opportunity to get the point across and remember why you started your business in the first place. ”
Read this guide to learn more about how to grow your small business in the new tax year.
methodology
Intuit QuickBooks commissioned an online survey from Pollfish, which was completed by 1,708 small business owners and decision makers (adults aged 18 and over) across the UK in March 2024.
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contact address
For more information, please contact quickbooks@edelman.com.
