VAT

HM Revenue and Customs (HMRC) has reminded businesses that a number of important changes to the way that taxes are paid come into effect this month.

The extent of the challenges facing the UK economy were set in perspective with the news that take home pay for the average British household fell last year for the first time since 1981.

By and large, business groups extended a welcome to the Budget, but some expressed doubts about whether the Chancellor had done enough to stimulate a private sector led recovery.

VAT filing is set to become compulsory for every registered business.

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