Intuit’s study reveals that the period leading up to Christmas is said to be stressful for small business owners and sole traders. Credit: Andrey_Popov/Shutterstock.

Small business owners and sole traders face heightened stress during the festive season, impacting their well-being and personal time, as the UK’s Self-Assessment tax return deadline approaches, revealed Intuit QuickBooks.

With the January deadline for Self Assessment tax returns fast approaching, more than 12 million individuals are expected to file.

The period leading up to Christmas is said to be stressful for small business owners and sole traders, according to a study commissioned by Intuit QuickBooks and conducted by market researcher Censuswide in November 2024.

This survey of 2,000 consumers, required to complete a self-assessment, found that 63% experience stress during this time, with 28% sacrificing leisure time and 27% spending less time with friends and family.

The pressures of being a sole trader are significant, with the need to balance books, pay taxes promptly, and remain solvent in a challenging economic environment.

Intuit QuickBooks UK product compliance & programmes head Pauline Green said: “With 63% of people finding tax returns stressful and over half (55%) admitting they procrastinate, it’s no surprise that this time of year can feel overwhelming for small business owners.”

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The toll on mental and physical well-being is considerable, with previous research indicating a 56% average increase in stress levels when recalling the Self-Assessment experience.

The same study, conducted in November 2023, highlighted that 22% of the 1,257 sole traders and small business owners surveyed reported sleep disruptions and negative impacts on their well-being.

During the last festive season, HMRC reported that more than 25,000 individuals filed their tax returns between Christmas Eve and Boxing Day.

The latest findings show that 11% use the period between Christmas and New Year’s Day to complete their Self Assessments.

To mitigate the mental health impact of these financial pressures, executive and leadership coach Jessica Rogers offers practical advice for maintaining financial health over this busy period.

Her key tips include scheduling tax preparation before 20 December, prioritising challenging tasks, taking regular breaks, seeking professional support, and utilising technology to streamline administrative tasks.