16% of UK small businesses still use a ‘shoebox method’ to manage their accounts

A new report has revealed that 65% of UK small enterprises are not prepared for Making Tax Digital.

16% of UK small businesses still use a ‘shoebox method’ to manage their accounts despite the fact all taxes will be managed online by 2020.

According to research by UK200Group, just 35% of smaller firms use online accounting software to manage their accounts while nearly a fifth make no effort whatsoever to record any information prior to submitting tax returns.

23% of those surveyed hold all relevant info in manually complied reports with 27% opting for spreadsheets on their computer.

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