VAT

The government has announced that the emergency Budget will be delivered on Tuesday 22 June.

The Chancellor, George Osborne, has announced that the emergency Budget will be delivered on Tuesday 22 June 2010.

The plans laid out by the new coalition government could mean a rise in taxes, with VAT a favourite target, experts have warned.

These days, most payments of VAT to HMRC by taxpayers are made electronically but cheque payments are still allowed in certain circumstances, notably by small, already registered businesses with annual VAT-exclusive turnover of less than £100,000, which continue to file paper returns.

Increasing numbers of firms are being refused the chance to defer their VAT payments under the Time to Pay scheme.

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