VAT

Comprehensive Spending Review: tax

Like most other government departments, HM Revenue and Customs (HMRC) is to lose a part of its budget as a result of the spending review.

VAT rise cost businesses as much as decrease

The cost to business of the increase in VAT to 17.5 per cent in January was as high as the earlier drop to 15 per cent, a new survey has found.

Tax and regulation reform must be central to spending review

Streamlining the business tax system and simplifying the regulatory regime must form the core of the government’s comprehensive spending review, a business group has argued.

Business views sought on changes to customs law

HM Revenue and Customs (HMRC) has created a questionnaire allowing firms, particularly smaller businesses, to share their views on changes to customs laws.

VAT may be pushing up prices earlier

Some businesses may be looking at raising their prices sooner rather than later in anticipation of the VAT hike set for January next year.

Tax gap widens

The amount of uncollected tax rose in the last financial year.

EC forecasts stronger UK growth but warns on VAT rise

The European Commission has revised upwards its predictions for economic growth in the EU, but has suggested that the UK’s recovery may be hampered by the decision to increase VAT.

Pre-Budget Report to be 'dropped'

The government is likely to axe this year’s pre-Budget Report, according to press reports.

Consumers overestimate VAT hike

Consumers believe that the forthcoming VAT increase will add more to shop prices than it actually will, a new study has claimed.

Quicker if businesses correct their own VAT mistakes

Businesses have been advised by HM Revenue and Customs (HMRC) that it may be quicker if they themselves were to correct errors made in previous VAT returns.

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