Small firms spend £25bn on tax compliance as HMRC slammed

Tax Red Tape’s Huge Cost To Small Firms Revealed In New Report - CLH News: Caterer, Licensee and Hotelier News - News for Pubs, Bars, Hotels and Restaurants

Share Post Share Email A new report by the Federation of Small Businesses (FSB) has revealed the huge burden of tax compliance on small businesses. • The cost of tax compliance to the small business community amounts to nearly £25 billion per year, according to a new FSB report • Small business owners spend an average of 44 hours per year on tax admin, while three in five say dealing with HMRC has caused their …

Tax investigations last 45 months on average

standfirst: HMRC tax investigations are running on for as long as three years and nine months on average which Pinsent Masons says is putting a significant burden on businesses as late payment interest peaksAt any given time it is predicted that half of the UK’s biggest businesses are under investigation by HMRC, and these investigations are taking an average of 45 months to conclude.There are approximately 2,000 businesses that fall under HMRC’…

Too many businesses falling into VAT traps | Accountants Bury St Edmunds, Ipswich & Thetford - Knights Lowe

VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes with HM Revenue & Customs (HMRC). Here are some of the most common… The post Too many businesses falling into VAT traps appeared first on Accountants Bury St Edmunds, Ipswich & Thetford - Knights Lowe.

Small businesses in Britain struggle to cope with tax demands

Small businesses in Britain have called for ministers to ease the burden of tax compliance on company owners to help boost growth, writes David Connett. The challenge of meeting tax obligations is costing small firms up to £25bn a year, according to a survey of more than 1,400 small firms by the Federation of Small Businesses (FSB). The average small firm spends £4,500 and 44 hours a year on tax compliance, according to the research. Annual cost…

Small firms spend £25bn on tax compliance as HMRC slammed

Small firms are set to stump up a combined £25bn on tax compliance this year, a leading industry body has said, as it accused HMRC of failing to answer phone calls or letters.  Calls for a vast reform of the UK’s tax system have come from leading think tanks and policymakers for several years.  But a fresh survey has now spelled out the costs – and stress levels – small business owners have been put under due to complex processes.  The Federatio…