Costly tax compliance

Tax compliance costs small firms £25bn

Small business leaders are urging the Government to alleviate the tax compliance burden to stimulate growth. A survey by the Federation of Small Businesses (FSB) revealed that small firms are incurring costs of up to £25bn annually due to tax obligations. On average, each small firm spends £4,500 and 44 hours yearly on compliance, with many struggling to contact HMRC due to issues with customer service.