Sole traders are just nowhere near ready for digital tax returns, and one in three still use pen and paper to work out their accounts, says new research from Sage.
With two-thirds (66%) still using old-fashioned tools to do their financial admin there is growing worries about non-compliance. Making Tax for Income Tax rolls out in April for those earning over £50,000, and Sage found that among those who are aware of the change four in 10 (39%) admitted they had not done anything to prepare for it.
Sage researchers also found that 66% of sole traders use spreadsheets and bank statements (56%), on top of pen and paper (33%), to track sales and expenses.
Using these methods, instead of adopting cloud-based software, means hours of wasted admin time too!
