Most small business owners (68%) find the tax return process confusing, according to a study by accountancy software company Accountz.

The survey of 100 small business owners found 22% occasionally miss deadlines due to the complexity of the process.

Just over half (55%) calculate their tax bill over the year and save up accordingly and 5% rely on credit cards to settle with the HMRC.

On penalty charges, 80% considered them unfair, with 84% saying the 1.25% surcharge on credit card payments to the HMRC was unnecessary.

Quentin Pain, founder of Accountz, says: “This study has uncovered several bones of contention that SMB owners have with the current tax return process, the most significant being that completing a self-assessment is not as straightforward and simple as it probably should be.

“However if taxpayers calculate their tax bill on an ongoing basis and make savings throughout the year as a result, the whole process can be simplified and will cause less headaches when deadline day approaches.”