VAT

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

HMRC have announced that in most cases where universities set up trading subsidiaries, which themselves provide education, they are acting as if they are a college institution, school or hall of a university.

With no party capable of commanding an overall majority in the House of Commons, here is a brief recapitulation of what each of the main parties has promised on business, tax and the economy.

The UK may have to increase the basic rate of income tax by 6p in the pound, a leading think-tank has warned.

Possible tax rises have been high on the election coverage agenda as each of the parties sets out their plans for reducing the budget deficit, but little so far has been made of any hike in VAT.

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