VAT

HM Revenue and Customs (HMRC) have reassured firms that filing a repayment VAT return online will allow an extra seven days in which to submit the return.

The rise in the standard rate of VAT, from 17.5 per cent to 20 per cent, is likely to hit retailers, a new study has suggested.

It will require an extra three days for taxpayers to reach that point in the year when they will have earned enough income to pay their tax bills, the Adam Smith Institute has said.

The Government and the banks have been urged to lend their support to firms hit hard by the severe winter weather.

Businesses are being urged to ready themselves for the increase in the standard rate of VAT set for 4 January.

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