'Double hit' as firms overpay £14.2billion in corporation tax

BUSINESSES overpaid £14.2bn in corporation in the last tax year, according to research by a leading accountancy firm.

- By Mauricio Alencar

Chancellor Rachel Reeves has told entrepreneurs and investors she is on the side of business amid economic headwinds from President Trump’s tariffs and financial levies she raised in the autumn Budget.

But firms face long-term problems from a complex tax regime that has led many to overpay HMRC, according to UHY Hacker Young.

Brian Carey, a partner at UHY Hacker Young, said: “Overpaying corporation tax is a double hit for struggling businesses.