It is vital that small businesses, such as those run by independent contractors, do not neglect their bookkeeping duties, one expert has said.

Sara Rizk, editor of Startups.co.uk, said that if contractors do not have the bookkeeping skill level required to run their business, it is important to get help from someone who does.

It's probably advisable to spend half a day or so each week to keep on top of it, so you're doing it as you go as opposed to having to do everything at the end of the year, when mistakes happen," she advised.

Ms Rizk adds that it is worth trying to get online tax returns in even now the January 31st deadline has passed as for every day payment is missed they are charged interest.

This comes after Tony Vine-Lott, director general of Taxi Incentivised Savings Association, said that contractors should consider Isas for their savings as they are extremely popular, tax free and easily understandable.