Confusion around VAT and wider business terminology is increasing as companies move towards the 7 August filing deadline, according to new research from Hiscox.
The findings indicate a growing number of people are going online to seek help in understanding the tax and other business terms
Hiscox surveyed 350 business owners and directors in the UK to examine how they engage with business language. More than half (52%) of respondents said they do not feel confident in their understanding of common terms and acronyms. When confronted with terminology they do not recognise, 69% of business owners said they first turn to search engines such as Google for clarification.
Social media is also being used as an educational tool, with 16% of respondents using platforms such as TikTok and LinkedIn for short-form explanations. This figure increases to 31% among those under 30. On TikTok alone, more than 1.5 million videos sit under the #businesstips hashtag.