Self-employed workers in England issued a major warning and set to lose £3,000

Self-employed workers are losing out on £3,000 annually (Image: Oscar Wong via Getty Images)

Self-employed workers are losing out on £3,000 annually due to time spent on unpaid administrative tasks, new research reveals. The average self-employed individual spends 17 hours a month on business administration, time that could be used to earn an additional £3,000 per annum.

A survey of 500 self-employed and small business owners found that 45% dread the tax return season, often delaying it as long as possible. Over half (53%) described it as the most stressful time of the year, while nearly half (49%) agreed their lives would be significantly improved if business administration was simpler to manage. The study was commissioned by Virgin Money to promote awareness of the government's new