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Nearly half of small businesses in the UK are being damaged by increasing financial management pressures, according to new research.
A survey of 500 small business owners, by accounting software and services provider MYOB, found that 58 per cent of respondents felt that financial management pressures had increased over the last year.
Some 46 per cent believed that this was having a direct negative impact on profitability.
Over 50 per cent of businesses cited tax complexities, such as tax planning and compliance issues, as the most significant factor in increasing their financial burden.
These and other time-consuming activities meant that 52 per cent of small business owners did not take the legal minimum of 20 days holiday last year.
As reported by smallbusiness.co.uk, Wayne Schmidt, general manager of MYOB, said: "The statistics depict an ambitious small business owner who is bravely taking on the increasing challenges of a modern business environment.
"The financial burden, however, is reaching a tipping point and is affecting the profitability and performance of many businesses up and down the country."
George Osborne, the shadow chancellor, recently pledged to tackle the red tape constraining a typical business start-up.
Mr Osborne said he was working on a "radical package" of measures to overhaul aspects of income tax planning and payment, national insurance and VAT.
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