There is no doubt that Cross-Border Tax Complexity has had a negative impact on UK businesses trading with the EU. To understand exactly the effects of this impact, Avalara together with the Centre of Economic and Business Research (CEBR), commissioned an analysis.

Some key highlights of the research findings included:

• Cross-border tax complexity cost the UK economy an incredible £47.6 billion in 2021 in lost revenue.
• The pressure to stay compliant is hitting hard. It was found that a third of those surveyed said they had lost sleep more than once due to anxiety caused by growing tax and compliance issues.
• A staggering 64% agreed that staying compliant with tax obligations is the most stressful thing about running their business.

If your company needs support for your EU trade (actual or potential), then we would suggest that you contact James Bright at Avalara to see how they can help.

See also Customs Procedure Codes, EORI Numbers, and VAT.