VAT

The government has ruled out an official pre-Budget Report for this year, but has suggested that the Chancellor may make an autumn statement.

The government should consider a broad reform of the UK tax system, including an extension of the number to goods on which VAT is charged, a think tank has argued.

Next year’s Budget will be delivered on 23 March.

The increase in VAT to 20 per cent and the reductions in public spending announced by the government could mean the loss of as many as 1.6 million jobs, the Chartered Institute of Personnel and Development (CIPD) has claimed.

There has been a decline in the numbers of agreements made between HM Revenue and Customs (HMRC) and firms under the Business Payment Support Service scheme.

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