SMEs affected most by tax admin. By Dan Martin
The administrative burden of complying with UK tax rules is much higher for small and medium sized businesses than their larger counterparts, new government-commissioned research reveals.
The report by accountants KPMG, carried out on behalf of HM Revenue & Customs (HMRC), showed the collective tax administration burden on business is in excess of £5 billion a year.
SMEs are affected the most - hit by almost £2 billion - with larger firms facing a £642 million burden. The remaining £1.2 billion falls in the laps of nano-businesses - those with no employees.