VAT

HM Revenue and Customs (HMRC) has announced that, as from 8 July, there has been a change to the bank account details for paying VAT.

Businesses are unhappy over government plans to stick to its original timetable on the return to the old standard rate of VAT.

Firms have delayed paying £1 billion of VAT after reaching agreements with HM Revenue and Customs (HMRC) under the Business Payment Support Service.

The amount of tax which small firms have asked to delay paying under the government’s Business Payment Support Service has risen to £2.5 billion.

A new survey has revealed that for many firms delays in invoice settlement are on the increase, while the reduction of the VAT rate has not been effective in tackling the downturn in business.

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