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.

The government is considering whether to allow businesses more time to update price labels in shops once the rate of VAT reverts to 17.5 per cent at the end of the year.

To tackle the UK’s massive public debt, the basic rate of income tax should be raised by 7p in the pound, a leading think tank has said.

The Chancellor has been urged ahead of his pre-Budget Report to introduce changes to the tax system as a way of helping to stimulate economic growth.

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