Fullscreen Menu - Background

Subscribe to SME News Search for an article Our amazing team

Ground Floor, Suites B-D, The Maltsters,
1-2 Wetmore Road, Burton upon Trent
Staffordshire, DE14 1LS

Background
Posted 9th April 2024

Big Changes for UK Small Businesses in New Tax Year

New Intuit QuickBooks research reveals how UK small businesses plan to tackle the new tax year as the 6th April start date looms closer.

Mouse Scroll AnimationScroll to keep reading
Fixed Badge - Right
big changes for uk small businesses in new tax year.


Big Changes for UK Small Businesses in New Tax Year
tax 2024 text on a calculator

Almost 100% of UK small businesses plan to make changes in the new tax year

New Intuit QuickBooks research reveals how UK small businesses plan to tackle the new tax year as the 6th April start date looms closer.

Nearly all (99.6%) of small businesses surveyed plan to make changes to how they operate their business in the new tax year. In fact, 41% of small businesses who plan to make changes to their business predict these will be radical.

The top five changes small businesses will make in the new tax year include:

  • 52% will start using AI to make the tax year more efficient
  • 50% plan to find ways to reduce tax liabilities in compliance with all laws and regulations
  • 48% plan to upgrade their financial management systems
  • 44% will pay closer attention to potential tax rebates
  • 41% will hire an accountant or tax advisor

While 81% of small businesses surveyed say the economy is negatively affecting their business, 68% agree that the new tax year is a time to think about the changes they could make to set themselves up for success.

Indeed, 62% of small businesses surveyed are optimistic for the new tax year as it presents an opportunity to start afresh with financial management.

Businessing differently

63% of those surveyed believe that the new tax year will be make or break for their small business. 84% of small businesses plan to make cutbacks in the new tax year, with more than two in five (44%) choosing to reduce overhead costs and over a third (37%) expecting to make hiring freezes.

When evaluating the reasons for small business pessimism, at 34%, the top cause is financial or economic uncertainty preventing them from making effective plans. Furthermore, 79% are contemplating delaying their investment plans until after the general election.

New tax year resolutions

67% of small businesses agree that the run-up to the new tax year is when they most need the help of an accountant. However, only 66% currently have a qualified accountant or tax advisor to help them manage their taxes.

Pauline Green, Head of Product Compliance & Programs at Intuit QuickBooks UK comments: “ 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.”

Categories: Finance, News


You might also like...
Are your workers wearing the correct PPE for the job?News14th July 2022Are your workers wearing the correct PPE for the job?

PPE is a vital concern for vocational workers in any industry; PPE is also a legal requirement for businesses to provide their staff for free, along with training in their use. But if you are new to your field, or a freelancer within it, you may want to source

Why We’re Pushing for One-Click HiringNews6th March 2024Why We’re Pushing for One-Click Hiring

If you’re leading a small business or team, time is your most precious commodity. Every minute spent navigating administrative or technical hurdles is a minute taken away from doing something else.

SME News Media Pack

Every quarter we offer a new issue of SME News which is published on our website, shared to our social media following and circulated to in excess of 78,000 individuals from various sectors across the UK SME marketplace.

  • TickExpand your reach.
  • TickGrow your enterprise.
  • TickSecure new clients.
View Media Pack
Media Pack - Bottom Slant Gradient
we are sme.
Arrow