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Is the Small Business Tax Gap Spiraling Out of Control?
Published 1 year ago
Description
New data shows that 40 percent of corporation tax owed by UK small businesses remains unpaid, resulting in an estimated 15 billion pounds in lost annual revenue. The small business tax gap increased during the pandemic and has not improved, while other tax gaps have narrowed. Contributing factors include complex regulations, limited resources, and economic uncertainty. Authorities are advised to address the issue through improved education, digital tools, streamlined reporting, and targeted support for small businesses.
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