Business tax

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.

HM Revenue and Customs (HMRC) has announced changes to the advisory fuel rates for company cars as of 1 July.

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.

Concerns have been expressed at the number of research and development tax credit claims that are being turned down.

HM Revenue and Customs (HMRC) is to run a six-month trial using debt collection agencies to chase late tax payments.

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