Double tax bill could be facing UK’s self-employed

A quarter of the UK’s self employed workers could be facing a double tax bill this January, new research has revealed.

With less than two weeks until the Self Assessment tax deadline on 31 January, research from software developer Intuit QuickBooks highlighted that those who deferred their 2019/2020 payments due to coronavirus will owe double this month – which could equate to three million people.  

The findings, based on responses from a nationally representative sample of 1,100 UK sole traders in December, indicated that 12.1 million people in the UK are expected to file a Self Assessment return this year.

Intuit QuickBooks, however, found that over a quarter of sole traders (26%) said they will find it harder to pay their tax bill this year due to the financial impact of the pandemic.

Another 21% said they are less confident about completing their return accurately because of the inclusion of COVID-19 grants.

“Sole traders and self-employed individuals have never faced such challenging circumstances and with other areas requiring focus, the burden of admin can be an unnecessary drain on time and resources,” commented Intuit QuickBooks head of product compliance, Pauline Green.
 
“Today’s findings reveal that less than a third of sole traders are confident they know where they’ve kept their records.”

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