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VAT

VAT accounts for almost half of delayed business taxes

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

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Businesses reschedule £2.5 billion in tax payments

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.

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Late payment a problem, VAT cut of little help, say businesses

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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Important issues to remember when deregistering from VAT

Deregistration from VAT is often a fairly straightforward process. However, there are some important aspects to bear in mind which, if misunderstood, could prove costly.

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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.

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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.

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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.

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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.

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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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Spending cuts and other predictions for the 2009 Budget

When Alistair Darling stands up in the House of Commons on 22 April, he will be delivering his Budget speech against the backdrop of one of the worst post-war recessions, if not the worst.

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