- 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
Source: deeksvat.co.uk
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.
Latest Posts in "United Kingdom"
- VAT Exemption Update for Charity Fundraising Events Post-Yorkshire Agricultural Society Case
- Reeves’ VAT on Taxis Sparks Debate on Simplifying UK’s Complex Tax System
- 5 Reasons Why U.S.- and U.K.-Based Companies Should Start E-invoicing
- Chancellor’s VAT Exemption Removal for Healthcare Speculated, Government Denies £2 Billion Revenue Promise
- Wes Streeting Rules Out VAT on Private Healthcare in Upcoming Budget
