How much does tax compliance cost you?
The AAT has canvassed the views of 500 businesses to discover the cost of tax compliance for UK business.
On average, SMEs incur just over £4,000 p.a. in tax compliance costs (large businesses average just under £9,000). Whilst the average tax burden for SMEs is lower, most of these enterprises have no more than four employees (large businesses generally have 250 or more) so the impact is proportionally greater.
Tax compliance is time-consuming; the average SME spends up to two hours per week on tax issues.
The view is that simplifying the UK tax system would help to lift the compliance burden and reduce costs to SMEs – probably not a surprise!
Date: 4th March, 2015
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