VAT

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.

Businesses are being reminded that new regulations governing the filing of VAT returns and the payment of VAT liabilities are to come into effect next year.

As part of its review of the small business tax regime, the Office of Tax Simplification (OTS) has put forward suggestions on the way that the VAT system can be streamlined and made easier to manage.

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