Small business owners would be willing to dip into their own bank accounts in order to bring about a fairer and less complex tax system, a new survey has claimed.

The severe weather has had an adverse affect on many small firms but not so significant as recent tax rises, a new study has claimed.

HM Revenue and Customs (HMRC) have reassured firms that filing a repayment VAT return online will allow an extra seven days in which to submit the return.

The rise in the standard rate of VAT, from 17.5 per cent to 20 per cent, is likely to hit retailers, a new study has suggested.

It will require an extra three days for taxpayers to reach that point in the year when they will have earned enough income to pay their tax bills, the Adam Smith Institute has said.

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