Making life easier

TWO THOUSAND SIX hundred and ninety-two that's how many tax obligations there are on businesses at the moment: can you name them all? The reassuring thing is that 2 607 of these only take up 15% of the total cost of compliance. The remaining 85 constitute 85% of businesses' total compliance cost.
The problem is that while there are 2 607 requirements which do not individually cost much they do give rise to a lot of concern: because this high number of requirements makes for a complex system that even the most organised and compliant business must struggle to cope with. The 'big 85' obligations are to an extent much less of a problem. After all firms understand why they have to submit a tax return and are unlikely to forget about it. Of course all of the obligations do not all apply to everyone...