BCC Head of Economics Suren Thiru comments on GDP figures for November 2020 published today by the ONS,
Business believes that the UK tax system is fundamentally unfair and want more support to stay compliant, according to research by the British Chambers of Commerce.
Our survey of over 1,000 firms from across the UK, found that nearly three-fifths (58%) of respondents think that the UK tax regime is unfair to businesses like theirs.
The findings largely signal concerns over how HMRC applies the tax rules to different types of firms.
With just weeks to go before its planned introduction, new research suggests nearly one in five businesses above the VAT threshold still know little or nothing about Making Tax Digital.
The results of a BCC survey of almost 1,000 firms from across the UK, found that while levels of awareness and preparation have increased since the previous year, businesses are still insufficiently prepared for the incoming processes. With just weeks to go, 19% of companies required to take part* have never heard of Making Tax Digital or know it only by name.
Coming just months before the UK's departure from the EU, this year's Autumn Budget came at a crucial time for business.
The BCC called on the Chancellor to take bold measures to bolster business investment, competitiveness and productivity in the face of Brexit headwinds.
The Chancellor delivered on a number of asks from the Chamber Network, including:
Ten months ahead of its planned introduction, an alarmingly high proportion of UK businesses have little or no awareness of HM Revenue and Customs’ flagship Making Tax Digital project, according to new research by the British Chambers of Commerce, in partnership with Avalara.
Over half of UK businesses have not attempted to apply for finance over the past year amid limited investment intentions and weakening cash flow, according to new research released by the BCC, in partnership with specialist finance provider, Wesleyan Bank.
According to the results of the survey of over 1,100 firms from across the UK, over half (56%) of businesses did not attempt to access finance over the last year. Smaller firms were less likely to access finance than larger businesses. Almost two-thirds (63%) of small firms (1-9 employees) did not seek finance, compared just over a third (39%) of larger firms (50 or more employees).
The vast majority of UK businesses believe the cost of complying with the UK tax system has escalated over recent years, according to new research released by the BCC in partnership with Avalara.
A survey by the BCC of over 1,100 firms from across the UK found that three in four (75%) believe the overall burden of tax administration and compliance – the HMRC equivalent of ‘red tape’ – has increased compared to five years ago.
The BCC is calling on the Government to provide more financial support to businesses across the UK facing a bleak future from the debilitating squeeze of coronavirus restrictions.
The British Chambers of Commerce’s Quarterly Economic Survey (QES) – the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth – found that business conditions remained weak in the fourth quarter as the second lockdown squeezed activity.