Businesses in the UK spend at least £15.4 billion ($19.1 billion) annually to comply with the tax system, which is becoming increasingly complex, according to a latest report by the country’s public spending watchdog.
The National Audit Office’s report also showed a 15% rise in His Majesty’s Revenue and Customs’ cost of collecting tax between 2019-20 and 2023-24.
One-third of the cost burden on businesses fell on VAT traders, according to the report, which relies on HMRC’s estimate. Fees for agents, accountants and other intermediaries accounted for almost half of ...
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