VAT

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

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

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

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.

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

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