The United Kingdom’s unemployment rate has been phenomenally high in recent months, with an ever increasing number of people finding themselves out of work; either through redundancy or an inability to find a job after university. However, a potential upside to this is that more and more people in the country are looking at setting up their own small business, particularly those who have capital from redundancy payments.
However, whilst many people have the idea and the initiative to set up their own business, a surprising amount have no idea when it comes to their financial obligations, book-keeping and overall financial fitness. To gauge just how much small businesses in the UK understand about their financial responsibilities, Intuit UK have compiled this fantastic infographic aimed at looking at small business financial fitness in the United Kingdom, based on surveys of over 800 people.
The info-graphic looks at just how much small business owners understand when it comes to fiscal obligations, including questions related to gross profit, profit margins, payroll, book-keeping and VAT issues.
Note: Click the image to view full size.
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