- 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.
