Starting a new business? Get 40% off our accountancy services for 3 months! 😀


A new survey carried out by NatWest bank, shows that 80 percent of new businesses with a turnover of less than £100,000 have no professional support for legal or taxation matters. As a result, a large number of new enterprises remain unaware of their legal obligations regarding relevant legislation, which could ultimately lead to business failure.

The survey also revealed that 60 percent of small businesses could be at a disadvantage, managing without professional advice, especially in the early days of starting a new enterprise. According to the survey, 35 percent of small firms have no business plan in place for future growth, essential for any business. A large number of businesses, 32 percent, don’t know where to look for professional advice, which often results in not having a business plan or financial strategy in place.

Small business owners who try to deal with their own administration, struggling to stay ahead of legislation changes and new regulations being introduced, risk failure. Theo Paphitis, from the TV show Dragon’s Den said:

“At a time when we need businesses to thrive, too many good businesses risk failure because they struggle to manage the basics early on.”

According to previous statistics from Clydesdale and Yorkshire banks, 15 percent of small businesses are uncertain of the regulations which they have to follow, resulting in 100,000 firms being fined for breaches of legislation. The survey results have shown that small businesses can benefit from professional financial advice and planning skills, in addition to help with legislation.

Inline Feedbacks
View all comments

Read more posts...

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.


You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?


Call us on 020 3355 4047 if you’re not sure.