A new report by the Federation of Small Businesses highlights that small businesses face nearly £25 billion in tax compliance costs annually, with many owners experiencing heightened stress. Surveying over 1,400 small business owners, the report reveals they spend an average of £4,500 and 44 hours yearly on compliance tasks. Poor customer service from HMRC complicates these processes, with over half finding it difficult to contact them. The report emphasizes that these challenges not only hinder business productivity but also stifle overall economic growth, given the resources diverted to managing taxes.
Tax compliance costs small businesses nearly £25 billion a year, with 60% of owners citing increased personal stress from dealing with HMRC.
The average small firm spends £4,500 and 44 hours annually on tax compliance, impacting productivity and economic growth.
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