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Small firms 'working free for the Chancellor'

Jan 06 2011

One third of companies with less than ten employees spend three days a month on time consuming VAT tasks

Businesses can spend up to one whole day a week on financial admin such as VAT returns, monthly accounts and tax issues, research finds.

According to a study of 900 small and medium sized enterprises by serviced office provider Regus, 34 per cent of companies with less than ten employees spend three days a month on time consuming VAT tasks.

More than two thirds (67 per cent) believe a day per month is lost due to bookkeeping chores, with 27 per cent finding the complexities of paying staff occupies them for a further day per month.

Howard Rosenberg, managing director of Regus Professional Services, says, ‘Many small firms around the country are effectively downing tools to work free for the Chancellor one day a week. While this might demonstrate a willingness to take part in the government’s plans for a Big Society, it is not an effective way to run a successful business.’

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