PracticeAccounting FirmsOld-fashioned accountants are damaging to sole traders

Old-fashioned accountants are damaging to sole traders

Self-employed need more up-to-date information on their financial health to ensure their survival

MORE THAN half of small UK businesses fell that out-dated accountants are damaging small UK businesses.

According to a YouGov poll of more than 1,000 self-employed professionals, the traditional annual trip to an accountant is failing to meet their needs.

Sole traders need more up-to-date financial information to ensure they meet tax liabilities and stay within spending parameters. Seven in ten said they were not informed on a regular basis how much money they could safely take out of their business after tax liabilities were taken into consideration.

More than half (51%) said more accountants should provide proactive services with up-to-date information on tax liabilities, profit and cash flow. Just 9% disagreed with this statement.

The YouGov survey was commissioned by accountancy firm Brookson which specialises in offering services to micro-entities and self-employed professionals.

Martin Hesketh, (pictured) a chartered accountant and managing director of Brookson, said: “The data reveals a real juxtaposition between modern working methods and traditional accountancy services, the latter unable to maintain the flow of information demanded by the former.

“With a quarter of London based flexible workers having been hit by at least unexpected HMRC tax bill, it is clear the annual trip to the high street accountant is an anachronistic practice and one which is limiting the ability of this workforce to play the full role it undoubtedly could in supporting UK plc.

Other highlights included, respondents from Wales had the bleakest outlook on the economy. Just 9% believe 2012 will see economic stimulation, compared to 28% of London self-employed workers.

Related Articles

Better together: Accountants, advisers and business protection for SME clients

Accounting Firms Better together: Accountants, advisers and business protection for SME clients

10m Emma Smith, Managing Editor
Former Deloitte boss and HgCapital launch CogitalGroup

Accounting Firms Former Deloitte boss and HgCapital launch CogitalGroup

1y Richard Crump, Writer
Low cost accounting firms to be the next victim of Brexit?

Accounting Firms Low cost accounting firms to be the next victim of Brexit?

1y Editorial comment
Deloitte propels into SME market with £2.5m accounting services investment

Accounting Firms Deloitte propels into SME market with £2.5m accounting services investment

1y Fraser Simpson, Reporter
Financial carelessness is harming startup growth, finds KPMG

Accounting Firms Financial carelessness is harming startup growth, finds KPMG

2y Fraser Simpson, Reporter
Friday Afternoon Live: KPMG/Metro Bank + Big Four tech v audit

Accounting Firms Friday Afternoon Live: KPMG/Metro Bank + Big Four tech v audit

2y Kevin Reed, Writer
KPMG agrees deal with debt crowdfunding platform InvestDen

Accounting Firms KPMG agrees deal with debt crowdfunding platform InvestDen

2y Richard Crump, Writer
KPMG ‘commits’ to alternative finance with MarketInvoice tie-up

Accounting Firms KPMG ‘commits’ to alternative finance with MarketInvoice tie-up

2y Calum Fuller, Reporter