HM Revenue and Customs (HMRC) needs to do more to tackle VAT fraud and the emerging threat of losses from online trading, a report by the National Audit Office (NAO) has advised.

A statement of principles that sets out steps UK businesses should take in order to improve the transparency and understanding of their tax affairs has been published by the Confederation of British Industry.

Small businesses worry about filling in tax returns correctly and dealing with HMRC, according to a report carried out for the tax authority.

The Government has announced the 3p rise in fuel duty, planned for August, will not go ahead this year.

Chancellor George Osborne has dropped plans to limit the amount of tax relief on charitable giving, after listening to the concerns of charities.

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