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UK's IT SMEs need help with tax legislation

Are you a small, or medium-sized IT enterprise in the UK? Are you struggling with the country's complex tax legislation? You're not alone. According to new research, a lot of UK's SMEs are struggling the same way, with the majority of those being in IT.

Business insurance specialists Hiscox surveyed more than 1,000 SMEs in the UK. More than a quarter (27 per cent) struggle to deal with tax, finance and accounting. Out of that 27 per cent in need of help, a vast majority (76 per cent) are in the IT and tech business.

Tax legislation seems to be the biggest challenge, with 59 per cent of respondents citing it. That equates to more than 850,000 SME businesses nationwide, Hiscox says.

Bookkeeping and accounting came in second (50 per cent), followed by payroll and tax returns (45 per cent).

Among IT, it's no different – 76 per cent said they needed help with tax legislation, 58 per cent with payroll and tax returns, and 65 per cent with bookkeeping and accounting.

Business leaders in the IT sector said they wanted more support when it comes to tax reliefs and incentives, as well as more information on how to efficiently manage tax, especially if their business grows beyond the borders of the UK.

Image source: Shutterstock/winui