The British Retail Consortium (BRC) has said that the planned date for the restoration of the old rate of VAT will come at the worst possible time for businesses.

HM Revenue and Customs (HMRC) has announced that it has readjusted its policy of refusing some claims made by businesses for the repayment of overpaid VAT on the grounds that the repayment would unjustly enrich the firm.

A new poll has revealed that businesses believe the cut in VAT, introduced by the government in an effort to stimulate consumer spending, has done little good.

As from 1 April 2009, new legislation will affect the way that HM Revenue & Customs (HMRC) conducts enquiries, visits and inspections.

Businesses are being reminded that the date by which they can claim a refund on past VAT payments is 31 March 2009.

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