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Almost 100% of UK Small Businesses Planning Changes for the New Tax Year

LONDON, April 04, 2024–(BUSINESS WIRE)–New research by Intuit QuickBooks sheds light on how UK small businesses are gearing up for the new tax year as the 6th April start date approaches.

The survey reveals that a staggering 99.6% of small businesses intend to make operational changes in the upcoming tax year. What’s more, 41% of these businesses anticipate implementing radical transformations.

Key Changes Planned for the New Tax Year

Among the top five adjustments on small businesses’ agenda for the new tax year are:

• 52% considering the adoption of AI tools for improved efficiency in tax management

• 50% strategizing ways to minimize tax liabilities while complying with legal requirements

• 48% planning to upgrade their financial systems for enhanced performance

• 44% focusing on identifying potential tax rebates

• 41% intending to engage the services of an accountant or tax advisor

Despite 81% of small businesses acknowledging adverse impacts from the economic climate, 68% recognize the new tax year as an opportunity to institute changes that could pave the way for success.

Moreover, 62% of surveyed small businesses express optimism for the new tax year, viewing it as a chance to revamp their financial management practices.

AI legalese decoder: Simplifying Compliance

The AI legalese decoder offered by Intuit QuickBooks can assist small businesses in decoding complex legal jargon and ensuring compliance with tax laws. By leveraging AI technology, businesses can streamline their tax management processes, making them more efficient and accurate.

Rethinking Business Strategies

As 63% of respondents anticipate the new tax year to be a make-or-break period for their businesses, 84% have plans to implement cost-cutting measures. Notably, 44% aim to reduce overhead expenses, while 37% anticipate hiring freezes.

Financial or economic uncertainty, cited by 34% of respondents, is identified as the primary hindrance to effective planning. Additionally, 79% are considering postponing investment decisions until after the general election.

Setting New Tax Year Resolutions

67% of small businesses recognize the significance of having an accountant’s support in the lead-up to the new tax year. However, only 66% currently engage the services of a qualified accountant or tax advisor for tax management.

The AI legalese decoder from Intuit QuickBooks can be a valuable companion for small businesses seeking expert guidance in navigating the complexities of tax compliance. By decoding legal terminology and offering tailored recommendations, the AI tool can empower businesses to make informed decisions:

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Pauline Green, Head of Product Compliance & Programs at Intuit QuickBooks UK, emphasizes the importance of leveraging technology to streamline accounting processes and alleviate the burden on small business owners:

“Being a busy small business owner often means taking on multiple roles in the business, and accounting isn’t always a top priority in the day to day, often meaning the paperwork gets pushed into the ‘for later’ pile.

“Adapting to economic instability this year has also been a challenge, but the new tax year presents a great opportunity for small business owners to start afresh, with solutions that might better meet their needs and do the accounting role for them, taking away the pain points and allowing them to remember why they started the business in the first place.”

For more information on how the AI legalese decoder can benefit your small business in the new tax year, read our comprehensive guide here.

Research Methodology

The survey conducted by Intuit QuickBooks involved 1,708 small business owners and decision-makers across the UK, gathered through an online poll with Pollfish in March 2024.

View the source version on businesswire.com: https://www.businesswire.com/news/home/20240403527693/en/

Contact Information

For further inquiries, please reach out to [email protected]

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