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