One in three Britons don’t feel on top of their finances

29 Jan, 2019

29 Jan 2019 New research released today reveals that over a third (37%) of Britons don’t feel on top of their personal or professional finances.

The survey of 1,550 British workers, commissioned by award-winning cloud accounting software provider FreeAgent, found that 22% of respondents said that they resent having to spend time on household and life admin tasks, including paying bills, waiting in customer service call centre queues and filing their annual tax return. 

On average, respondents said they spend 3.6 hours per month paying bills, 2.7 hours per month waiting in queues at call centres for customer service enquiries, and 5.4 hours filing their annual tax return.  

Of the 39% of respondents that have filed a tax return at some point, 79% said they found the self assessment process stressful. FreeAgent found that the top five reasons respondents found the tax return process stressful were:

  • Worried about getting the information wrong and getting into trouble (43%)
  • Worried about calculating it wrong, and ending up paying too much tax (38%)
  • Found the submission process confusing (33%)
  • Records not kept up to date, so had to use some guesswork (19%)
  • Didn’t receive helpful advice around how to file a tax return (17%)

In addition, 30% of total respondents said that they would feel worried about submitting a tax return, if they had to do so in the future.

Ed Molyneux, CEO and co-founder of award-winning cloud accounting software provider FreeAgent, said: “Every year, hundreds of thousands of people across the UK end up incurring fines for failing to file their tax return on time. Yet, in many cases, these penalties are entirely avoidable provided that people check the tax implications of what they have earned throughout the year and start their Self Assessment in advance of the filing deadline.”

“To avoid the stress of filing tax returns, find an accounting system or bookkeeping method that you can use to stay on top of your finances throughout the year. That way, all of your financial information should be readily accessible. Make sure you include your tax return alongside any other income you’ve earned throughout the year.”