HM Revenue and Customs (HMRC) has launched its taxpayers’ charter.

Some businesses in the leisure, hospitality and catering sectors are to be allowed to continue charging VAT at 15 per cent into the early part of New Year’s Day.

HM Revenue and Customs (HMRC) has said that it will apply a ‘light touch’ if businesses make mistakes on their returns following the forthcoming change in the standard rate of VAT.

Businesses that start up gain after they have collapsed are, in some cases, being met with demands for significant up-front VAT payments, it has been claimed.

The UK suffers the largest shortfall in VAT revenues of any country in the EU, it has been revealed.

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