Drop of over 40,000 VAT registered business in past year
The UK has experienced the first drop in the number of VAT and PAYE registered businesses since 2011. The number of businesses registered is now 2.7 million. Small traders were the hardest hit, with sharp drops in small businesses and partnerships.
The decrease is believed to be due to cost-of-living pressures and post-COVID crisis insolvencies.
The big losses were in the following sectors:
- Transport and storage
- IT
- Science
- Wholesale
Balanced by some optimism in Arts & Entertainment, plus property.
The figures were released by the Office for National Statistics.
Read our UK VAT Guide for more details
