UK businesses saved more than £700 million ($882 million) by keeping digital records and submitting software-based VAT returns, the UK tax authority said Thursday.
An average business is estimated to have saved around 33 hours, amounting to £631, per year on an average, His Majesty’s Revenue and Customs said in its analysis estimating the economic benefit of the move.
HMRC’s analysis is based on a telephone survey of 2,300 VAT-registered businesses.
- Since April 2022, all VAT registered businesses in the UK have been required to keep digital records and submit returns through compatible software. More than a ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.