VAT

HM Revenue and Customs (HMRC) has published a reminder that businesses, whatever their turnover, which registered for VAT on or after 1 April 2010 must submit their returns online and pay any VAT due electronically. By April 2012 this will apply to all VAT- registered businesses.

A leading business group has urged a targeted cut in VAT to boost business performance.

HM Revenue and Customs (HMRC) is in the process of sending out some 40,000 letters to businesses that may have failed to register for VAT when the law requires them to have done so.

The Government wants to hear the views of businesses and organisations on plans to make use of the VAT cost sharing exemption.

Public sector borrowing dropped back last month, aided in part by the additional tax revenues generated by the rise in VAT.

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