Massive Drop in UK VAT Registrations: COVID, Brexit, and Cost of Living Crisis Blamed

• Number of UK businesses registering for VAT and PAYE dropped by over 40,000
• This is the first drop in registrations since 2011
• Current number of registrations is 2.7 million
• Reasons for drop may include covid fallout, cost of living crises, Brexit, and HMRC crackdown on fraudulent registrations
• Sole proprietors and small businesses are most likely to deregister
• Transport and storage, IT, and sciences are the most negatively affected trade sectors.

Source: marcusward.co

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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