Last week, VAT specialists VATCalc revealed that the number of UK businesses registering for VAT and PAYE dropped by over 40,000, the first drop in registrations since 2011.
With the number of businesses currently sitting at 2.7m, small businesses and sole traders were the most likely to de-register. The sharp drop is believed to be caused by increasing cost-of-living pressures as well as post-Covid crisis insolvencies.
- Tightening the thumbscrews?
- A slow service
Source: www.accountingweb.co.uk
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