Half of small businesses spend between two and eight hours each month trying to understand and calculate their taxes and complete their returns, a survey by the Federation of Small Businesses has found.

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.

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