💼 Are you self-employed? You’re not alone if you’re feeling overwhelmed by business admin! A new survey reveals that many self-employed workers dread tax return season, with 45% postponing it as long as possible. 📉 Almost half of those surveyed find it the most stressful part of the year.
Imagine this: the typical self-employed person spends 17 hours a month on admin tasks like managing client emails, sorting receipts, and submitting tax returns. That’s precious time that could earn an additional £3,000 a year!
🌟 With government changes rolling out soon, many will have to switch to digital tax returns. It’s crucial to be prepared to smooth out this transition, so it doesn’t catch you off guard. More than 60% of those surveyed weren’t aware they’d need to provide quarterly earnings updates starting next year! 🤯
Virgin Money is stepping in to help ease the transition by offering six months’ free access to Xero accounting software for its business account customers. This could be a game-changer in cutting down stress and handling digital requirements without a hitch.
Does your business mix with personal finances? Nearly half confessed to using personal accounts for business expenses, making admin tasks even messier. So, opening a separate business account could simplify everything by keeping your finances organised. 🏦
❗️ Here’s a call to action for self-employed individuals and small business owners: start preparing now! Don’t let digital tax returns catch you off guard. Would having dedicated tools help you streamline your business and reclaim valuable time?
💬 Share your experiences or tips in the comments below, and let’s help each other navigate these changes as smoothly as possible! #SelfEmployed #TaxSeason #BusinessAdmin #DigitalTaxReturns