A new survey has revealed that for many firms delays in invoice settlement are on the increase, while the reduction of the VAT rate has not been effective in tackling the downturn in business.

Deregistration from VAT is often a fairly straightforward process. However, there are some important aspects to bear in mind which, if misunderstood, could prove costly.

It has been accepted that the UK has applied certain aspects of the Tour Operators’ Margin Scheme incorrectly.

Firms that have paid too much VAT to HM Revenue and Customs (HMRC) could be entitled to more money when claiming repayment after the decision of a High Court judge.

The government should consider switching the date on which the standard rate of VAT moves from 15 per cent to its former level of 17.5 per cent.

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