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UK SMEs Struggle With Complex Tax Regime

by Robert Lee, Tax-News.com, London
Friday, August 12, 2016

More than a quarter of the UK's small- or medium-sized enterprises (SMEs) are struggling to deal with tax, finance, and accounting issues, according to a survey by insurance specialists Hiscox.

Hiscox surveyed more than 1,000 UK SME decision-makers. It found that 27 percent of SMEs considered themselves in need of support and advice when it comes to navigating tax regulations, managing business finance, and looking after their accounts. Payroll and tax returns were also cited as a major concern.

Among those needing help on tax, IT and tech business owners identified tax legislation as their biggest challenge, with 76 percent saying they need more support. Within this group, 48 percent called for more advice articles on tax and 43 percent said there should be how-to guides.