VAT

Attempts in Parliament to head off the government’s proposed increase in the rate of VAT have been defeated.

It is thought that the government may look at removing, if only temporarily, the autumn pre-Budget Report.

HM Revenue and Customs (HMRC) has reminded businesses of changes to the rules on VAT which mean that many must now file returns and make payments online.

Business groups appear to have accepted the emergency Budget rise in VAT to 20 per cent with a certain resigned stoicism.

Not for a political generation or two has a Budget generated such intense interest. Pre-announcements by the Coalition Government had prepared everyone for large-scale changes to the tax system and for deep public spending cuts.

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