Research from the British Chambers of Commerce (BCC) claims that VAT creates the biggest administration burden for around two-thirds of businesses in the UK.
Of the 1,100 businesses of various sizes polled, 64% were confused by the array of rates and rules to comply with VAT legislation.
This percentage is likely to increase in the near future as VAT-registered businesses with taxable turnover of more than £85,000 prepare for Making Tax Digital to take effect from April 2019.
54% stated that payroll tasks were the next biggest compliance burden, with many firms confused by the national insurance contribution thresholds and rates they are required to pay.
41% felt that Corporation Tax was the third biggest headache for businesses in the UK, whilst three in four (75%) felt that HMRC red tape had increased in the last five years.
If you would like to discuss your business challenges, please call Andy Summers on Rugby 01788 539000 or Jon Kicks on Leicester 0116 261 0061.