VAT

Changes to the Tour Operators’ Margin Scheme

It has been accepted that the UK has applied certain aspects of the Tour Operators’ Margin Scheme incorrectly.

Judgment supports higher VAT repayments

Firms that have paid too much VAT to HM Revenue and Customs (HMRC) could be entitled to more money when claiming repayment after the decision of a High Court judge.

Change back to old VAT rate should be 'delayed'

The government should consider switching the date on which the standard rate of VAT moves from 15 per cent to its former level of 17.5 per cent.

More tax help for struggling businesses

Businesses that believe they will make a trading loss in the current tax year can ask HM Revenue and Customs (HMRC) to take the anticipated loss into account as part of any rescheduling of their corporation tax or income tax payments.

Budget 2009: business tax – help for loss-making firms

The Chancellor has extended a scheme aimed at helping loss-making firms ease their cashflow worries by enabling them to reclaim taxes paid on profits during the last three years.

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