The government has acted to prevent the risk of fraud by removing VAT from carbon credits.

Businesses that delayed settling their tax bills under a scheme introduced by the government to help those struggling in the economic downturn are paying back the much of the money owed.

Charities are all set to benefit from a tax break on any donation made by text message.

Treasury plans to increase the rate of VAT to 17.5 per cent at the end of the year appear certain to go ahead.

HM Revenue and Customs (HMRC) is facing £8.5 billion in claims for overpaid VAT.

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