Business tax

A share scheme designed to help SMEs recruit and keep talented staff has been given the long-term backing of the European Commission.

There seems no prospect that the cut in VAT will be extended beyond the planned end of the year reversion to the old rate after it was revealed that tax revenues have fallen sharply.

HM Revenue and Customs (HMRC) is in the process of contacting some half a million companies, advising them of important changes to the way that corporation tax is to be filed in the future.

Firms are being reminded that they can express their views on the transitional arrangements for the next business rates revaluation.

The Chancellor has been urged to drop VAT on energy efficient domestic appliances in a scheme that would mirror the car scrappage programme.

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