Like most other government departments, HM Revenue and Customs (HMRC) is to lose a part of its budget as a result of the spending review.

The cost to business of the increase in VAT to 17.5 per cent in January was as high as the earlier drop to 15 per cent, a new survey has found.

Streamlining the business tax system and simplifying the regulatory regime must form the core of the government’s comprehensive spending review, a business group has argued.

HM Revenue and Customs (HMRC) has created a questionnaire allowing firms, particularly smaller businesses, to share their views on changes to customs laws.

Some businesses may be looking at raising their prices sooner rather than later in anticipation of the VAT hike set for January next year.

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