Do business owners need to take more responsibility to understand their business?

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During the COVID-19 crisis I have been following various groups, boards and online discussions from business owners about claiming government support during COVID-19, what is glaringly obvious is many don’t understand the basic business structure or their responsibility as a business owner.

My observations include limited company directors confused with being a sole trader, the number of sole traders who have not filed a tax return, confusion around payroll procedures, and it seems many business owners have opted for a limited company status without understanding what is involved.

At Accountancy4u we try and educate our clients, as well as providing unlimited communication through the year. Coupled with cloud accounting we can be proactive in advising our clients, not reactivate when there is a problem.

There is no doubt that COVID-19 has been a shock for many businesses, but perhaps the learning we can take forward is better communication been accountants and their clients. Ultimately as the business owner, you will be the person who is fined, prosecuted, or disqualified if your obligations are not met.

Has the current crisis highlighted gaps in your knowledge?

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