Over half of UK business owners lack confidence in business terms: Hiscox

Confusion astir VAT and wider concern terminology is expanding arsenic companies determination towards the 7 August filing deadline, according to caller probe from Hiscox.

The findings bespeak a increasing fig of radical are going online to question assistance successful knowing the taxation and different concern terms.

Hiscox surveyed 350 concern owners and directors successful the UK to analyse however they prosecute with concern language.

More than fractional (52%) of respondents said they bash not consciousness assured successful their knowing of communal presumption and acronyms.

When confronted with terminology they bash not recognise, 69% of concern owners said they archetypal crook to hunt engines specified arsenic Google for clarification.

Social media is besides being utilized arsenic an acquisition tool, with 16% of respondents utilizing platforms specified arsenic TikTok and LinkedIn for short-form explanations. This fig increases to 31% among those nether 30.

On TikTok alone, much than 1.5 cardinal videos beryllium nether the #businesstips hashtag. Alongside this, 15% of concern owners reported utilizing AI tools specified arsenic ChatGPT and Perplexity to assistance construe unfamiliar concepts.

Hiscox nonstop and partnerships manager Nick Thornhill said: "AI tools tin assistance to supply speedy explanations, but they are not ever accordant with however accusation is sourced oregon explained.

"As these tools are becoming much wide utilized successful day-to-day concern decision-making, it becomes progressively important that concern owners cross-check their understanding, particularly erstwhile terminology feeds into financial, operational oregon compliance decisions."

Away from hunt engines, societal media and AI, concern owners besides question enactment from online courses (13%), books (12%), assemblage forums (11%) and concern coaches (11%) to physique their understanding.

The survey was combined with investigation of much than 500 concern phrases and abbreviations to place those astir often searched.

In effect to the results, Hiscox has besides developed an interactive quiz to let concern owners to trial their cognition of regularly utilized acronyms.

Analysis of the hunt information shows cardinal show indicator (KPI) is the UK's astir searched concern acronym with 60,800 monthly queries. Data shows a beardown absorption connected workplace civilization and information compliance, with DEI (45,590), GDPR (43,480) and CRM (42,800) pursuing closely.

Financial and exertion presumption circular retired the apical tier, led by EBITDA (33,200), SaaS (25,200), SEO (24,300), ERP (19,800), API (18,500) and VAT (17,500).

The probe besides explores however unfamiliar connection affects concern owners emotionally. Respondents described feeling frustrated (16%), intimidated (13%) and overwhelmed (12%) erstwhile they travel crossed presumption they bash not understand.

"Over fractional of UK concern owners deficiency assurance successful concern terms: Hiscox" was primitively created and published by International Accounting Bulletin, a GlobalData owned brand.