VAT

There are now only two months remaining before the standard rate of VAT climbs from 17.5 per cent to 20 per cent, and VAT-registered businesses are being urged to ready themselves for the change.

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.

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.

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.

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

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